Can I associate a 1099-MISC for rental income to multiple properties?

[djx]

My property management company provided a 1099-MISC for rental income for multiple properties.  When entering it in TurboTax, it asks me to select the rental that generated the income and I cannot select multiple.  What do I do?  Should I combine my properties into one "rental" in TurboTax?  Or is there a way to split the 1099-MISC across multiple properties?

[HopeS · Accepted solution]

To properly track your profit and loss for each rental property you should break the single Form 1099MISC into multiple Forms 1099MISC  as if you had received a separate Form 1099MISC for each property. For example, if your Form 1099MISC shows an income of $90,000 for 3 properties, you would 

find out from the property manager how much rent each property produced and enter each separately.

Make sure the total of your Forms 1099-MISC entered in TurboTax equals the amount on the one received from the property manager.

Below are some useful articles on Rental Property.

Rental Property Tax Tips

@djx 

[djx]

Thank you for your reply!  Very helpful.  However, once I split the 1099-MISC, I encountered a new problem.

Non-refundable fees are in box 3 "other income" on the 1099-MISC from my property management company.  TurboTax seems insistent on creating a new "line of work" in the self-employment section for this money instead of allowing it to be attributed as income to the rental property I selected.

Shouldn't the fees paid by a tenant be able to be attributed to the rental property for which they were received?

[MarilynG1]

Here's steps for Box 3 Income on rental 1099-Misc reported by Expert @PatriciaV:

"The income reported on Form 1099-MISC Box 3 is Other Income, which the IRS views as unrelated to your rental activity. Also, Schedule E has no "Other Income" category available.

First, don't include Box 3 for this 1099-MISC under Rental Income.
 

Second, enter another 1099-MISC with the same payer information under Wages & Income >> 1099-MISC and Other Common Income >> Income from Form 1099-MISC. For this entry, report only Box 3, and this amount will appear on Form 1040, Line 21 with the description "Other Income."

[Stevz94]

That still doesn't work correctly.  It still generates a different form that has nothing to do with my situation.

[PattiF]

You do not need to enter the actual 1099-MISC in your return as long as you include all of the amounts that are shown on the form in your return. The IRS is looking for the income and does not need the entry of the 1099-MISC. 

You can divide the amounts between the rental properties as required. This will not raise any red flags or cause any issues with the IRS.

@Stevz94