1099-NEC for rents?

[shochberg]

Hello,

We have an LLC that owns a vacation property that we rent out part of the year.

Our property manager, who handles the rents, sent us a 1099-NEC this year instead of a 1099-MISC.  But Turbo Tax only wants a 1099-MISC to post income for the LLC.  It takes the 1099-NEC amount and posts it to personal income, which it is not.

Should we have received a 1099-MISC instead of a 1099-NEC?  If so, what's the best way to proceed?  If not, what is the best way to enter the 1099-NEC into TT?

Thank you.

[DaveF1006 · Accepted solution]

Instead of reporting it as a 1099 NEC, report it as rental income not on a 1099 MISC or 1099K in the Rental income section of your Rental Summary.

Go back and remove your 1099 NEC entry.  

[shochberg]

Thank you.  

But will that cause IRS to question why I have not reported income from the 1099-NEC?

[DawnC]

No, it will be reported as rental income.   And if they do inquire, keep detailed records so you can show you reported the income.