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ateky
Returning Member

1099-Misc rental income issued for LLC

I have a rental property which is under a LLC with its own EIN. For 2020, I received two 1099-Misc forms with Box 1 (rents) filled. One 1099-Misc form's recipient is the LLC (the recipient TIN is the LLC's EIN), the other 1099-Misc form's recipient is me (the recipient TIN is my SSN). How should I treat these 2 1099-Misc forms in the LLC's tax return and in my personal return?

 

I'm planning to add the rents from both of these 1099-Misc forms into the rents income into the LLC's rental property section. And then no special handling will be needed in my personal tax return (income reflected through the K-1). Is this is correct way to handle this?

 

Also, I could not find a specific way to add the 1099-Misc form info with "Turbotax for Business". The only mention I found is in the rental income section, which TTX Biz specifies that "if you received a Form 1099-MISC or Form 1099-K reporting your rental income, be sure to include in your income below any amount from the Form 1099-MISC or Form 1099-K for this property". Does this mean as long as the rents income from 1099-MISC is included in the total amount, I don't need to specifically add the 1099-Misc info here?

4 Replies
npierson7
Level 1

1099-Misc rental income issued for LLC

The correct way is to add the amounts to the rental income section of your LLL's tax return, if the rental property is listed there as an asset. And yes, as long as the amount  from the form 1099-MISC  is included in the total amount, you don't need to enter other 1099-MISC information. 

Critter-3
Level 15

1099-Misc rental income issued for LLC

Wait a second ... is this a single member or multimember  LLC ?   And/or   has the LLC chosen to be taxed as a Partnership or  Corporation ??

ateky
Returning Member

1099-Misc rental income issued for LLC

Thanks. should I treat the two 1099-Misc forms differently since one is for me and the other is for the LLC? also how does IRS know I actually did include this from in the LLC's return?

ateky
Returning Member

1099-Misc rental income issued for LLC

It's a multi-member LLC (husband and wife) and it's taxed as a Partnership. So it may not make much difference if I include the 1099-Misc for me in the personal tax return. But the 1099-Misc for the LLC is still an issue.

 

Thanks for the help.

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