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Do I enter my rental property income in the "Other self-employed income including cash, checks, Form 1099-K, etc."? It doesn't ask the names and addresses of property

When I search, it says that I need to enter them separately in a different section. I entered in the Other self-employed income including cash, checks, Form 1099-K, etc. section last year, and already have everything entered in this section for this year
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3 Replies
Carl
Level 15

Do I enter my rental property income in the "Other self-employed income including cash, checks, Form 1099-K, etc."? It doesn't ask the names and addresses of property

Anything and everything concerning rental property is entered under the Business tab in the section titled "Rental & Royalty Income (SCH E)"

 

Do I enter my rental property income in the "Other self-employed income including cash, checks, Form 1099-K, etc."? It doesn't ask the names and addresses of property

Thank you. Do I need to amend my 2020 return, since I entered it in the  "Other self-employed income including cash, checks, Form 1099-K, etc." section?

Carl
Level 15

Do I enter my rental property income in the "Other self-employed income including cash, checks, Form 1099-K, etc."? It doesn't ask the names and addresses of property

Do I need to amend my 2020 return, since I entered it in the "Other self-employed income including cash, checks, Form 1099-K, etc." section?

Yes. If 2020 was the first year you started renting this property, you need to complete amending the 2020 return before you can even start your 2021 return so that depreciation is started properly to ensure it's correctly carried over to the 2021 return. Absolute perfection in that first year as a landlord is not an option - it's a must. Even the tiniest of mistakes can (and will) grow exponentially over time. Then when you catch the error years down the road (usually the year you sell the property) the cost of fixing it *WILL* be expensive.

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