I have two rental properties listed on the same 1099. How do I split them

[rezqbear]

My question relates to how to answer the question about all or reported on 1099 or some.

[Carl]

Totally and completely disregard the 1099-MISC, and when the program asks if you have one, say NO. Then enter the rental income for each property, in the amount that belongs to that specific property.
The 1099-MISC is NOT transmitted to the IRS with your return. Only the totals are.

[view2 · Accepted solution]

Allocate the actual rental income to each property. You can enter the same 1099-misc information from the payer for each and the total income from the 1099 will equal and the payer information for each will be the same.

Enter under the summary screen for your rental property,in the incomes section.

For example: 1099 MISC Total = $40,000

Step 1.  Allocate the amount of income that is applicable to each property

Prop 1 = $15,000    Prop 2 = 25,000     

Step 2.  At the point where you are asked to enter your 1099 MISC, add a 1099 MISC for the amount of income for each property. 

 The payer for the two 1099 MISC will remain the same.  The total amount paid will equal the amount reported to the IRS

Note:A Real estate management company should issue you a 1099-MISC for your gross amount of rental income.

Management fees are an expense  on your Schedule E.

[RDSR]

I agree and did file two 1099Misc from the same payer, rent fir two different properties.

thx.

[Carl]

I agree and did file two 1099Misc from the same payer, rent fir two different properties.

That's fine, just as saying you didn't receive a 1099-MISC is also fine. When e-filing your return, the 1099 information and the fact that you received one is not transmitted to the IRS. They only get the totals. That's all the care about from you.

The only copy of the 1099-MISC the IRS gets, is the one the issuer of that form sends to them. So long as your total rental income reported is equal to or more than the amount reported in box 1 of the 1099-MISC, you're fine.

[pammcd]

Thanks so much for your answers.  This saved me an hour of hold time with the IRS and I probably would've received a dubious answer from them anyway.