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froggie1512
New Member

How do I claim rental property expenses. I received a 1099-NEC for rent payments.

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3 Replies
ColeenD3
Employee Tax Expert

How do I claim rental property expenses. I received a 1099-NEC for rent payments.

Who ever issued you the form should have sent you a Form 1099-Misc with rent in Box 1. 1099-NEC is for nonemployee compensation.

 

After you set up the rental and include the income, you will be asked about expenses.

 

To enter your rental:

  1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
    • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
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DLS247
New Member

How do I claim rental property expenses. I received a 1099-NEC for rent payments.

I also got a 1099-NEC for rental income. Do I need them to reissue it as a 1099_MISC or what?

AmyC
Employee Tax Expert

How do I claim rental property expenses. I received a 1099-NEC for rent payments.

@DLS247 Yes, they need to issue a corrected form NEC showing zero income and issue a 1099-MISC showing the rent.

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