Duplicate 1099 Misc.

[amossmith]

My rental property manager sent me a 1099-Misc. for all my rental income.  With COVID - Colorado had a program that reimbursed tenant's for rent.   I also received a 1099-Misc from Colorado Coalition of the Homeless which reflects a subset of the revenue reported on the 1099-Misc from my property management company.  Entering both 1099-Misc totals results in a overstatement of total revenue received due to this duplication.  How do I properly reflect this in turbo tax?  I probably need to enter both 1099's but then revenue is overstated and I can't figure out a way to make a negative adjustment to correct total revenue.  Thoughts?

[DianeW777 · Accepted solution]

It depends.  Based on what I understand, the property manager sent a 1099-MISC for actual rents received from tenants. Then, the Colorado (CO) program reimbursed the tenant's their rent which must have come through you since you received the Form 1099-MISC from CO.

If my understanding is correct, then you would report all of the income as rental income, then under miscellaneous expenses you could show 'Tenant CO Reimbursement' and the amount that was refunded to the tenants.

This will provide a clear in and out of the rental income on the tax return, then keep all the documentation with you tax return records.

On the other hand, if you actually received rents from CO, in addition to the rent received from tenants, then the combined total would be taxable rental income and there would be no duplication. This assumes you did not reimburse any tenant for rent they had paid.

Please update if you have more questions.

[amossmith]

Thank you so much!!!  This worked.  It was a case where total revenue was overstated due to both forms so the misc. adjustment fixed it.  Huge thanks!!!!