Allocate the actual rental income to each property. You can enter the same 1099-misc information from the payer for each and the total income from the 1099 will equal and the payer information for each will be the same.
Enter under the summary screen for your rental property,in the incomes section.
For example: 1099 MISC Total = $40,000
Step 1. Allocate the amount of income that is applicable to each property
Prop 1 = $15,000 Prop 2 = 25,000
Step 2. At the point where you are asked to enter your 1099 MISC, add a 1099 MISC for the amount of income for each property.
The payer for the two 1099 MISC will remain the same. The total amount paid will equal the amount reported to the IRS
Note:A Real estate management company should issue you a 1099-MISC for your gross amount of rental income.
Management fees are an expense on your Schedule E.
Totally and completely disregard the 1099-MISC, and when the program asks if you have one, say NO. Then enter the rental income for each property, in the amount that belongs to that specific property.
The 1099-MISC is NOT transmitted to the IRS with your return. Only the totals are.
Allocate the actual rental income to each property. You can enter the same 1099-misc information from the payer for each and the total income from the 1099 will equal and the payer information for each will be the same.
Enter under the summary screen for your rental property,in the incomes section.
For example: 1099 MISC Total = $40,000
Step 1. Allocate the amount of income that is applicable to each property
Prop 1 = $15,000 Prop 2 = 25,000
Step 2. At the point where you are asked to enter your 1099 MISC, add a 1099 MISC for the amount of income for each property.
The payer for the two 1099 MISC will remain the same. The total amount paid will equal the amount reported to the IRS
Note:A Real estate management company should issue you a 1099-MISC for your gross amount of rental income.
Management fees are an expense on your Schedule E.
I agree and did file two 1099Misc from the same payer, rent fir two different properties.
thx.
I agree and did file two 1099Misc from the same payer, rent fir two different properties.
That's fine, just as saying you didn't receive a 1099-MISC is also fine. When e-filing your return, the 1099 information and the fact that you received one is not transmitted to the IRS. They only get the totals. That's all the care about from you.
The only copy of the 1099-MISC the IRS gets, is the one the issuer of that form sends to them. So long as your total rental income reported is equal to or more than the amount reported in box 1 of the 1099-MISC, you're fine.