How to associate a 1099-Misc payment to a rental property?

[a_sal6]

If I enter the 1099-Misc as a separate form, It gets treated as net income and I end up paying taxes on it. But the reality is that the form is a payment for a rental property, and I have expenses to deduct which ends up being a net loss. How do I associate the 1099-Misc payment to a specific rental property?

[PatriciaV]

Your best option is to delete the Form 1099-MISC that you have entered. Then set up the property under Rental Properties and Royalties then report the income following these instructions: Where do I enter income and expenses from a rental property?

Additional Information:

• What kinds of rental property expenses can I deduct?
• How do I handle capital improvements and depreciation for my rental?