The 1099-misc I received says it was furnished to the IRS. Is the IRS going to release it doesn't appear on my tax return because it meets the minimal rental use criteria (cottage was rented less than 15 days, used as a residence for more than 15 days). Seems strange to just ignore this 1099 that was sent to me. Should I hand write a note on it explaining why it's not in my return and submit it along with my return? And why, when entering rental income as a 1099-misc, does Turbotax not ask me if the property was rented less than 15 days? If I didn't know about this minimal rental use thing, I would have overpaid on my taxes...
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You can handle this one of a couple of different ways.
Hey there, can you tell me what happened with this? I am in the same situation now.
There are several ways to do the "enter the 1099-Misc then do a deduction to get to zero" technique in TurboTax.
1. Enter it on Schedule E as described above. When asked the number of days rented, enter something more than 15. When you get done, with the rental section, go back and change it to the actual number of days rented. That should save the schedule E.
2. Report the income as misc line 8, Schedule 1 income (enter in TurboTax at the 1099-Misc screen) . Then enter a line 8 deduction, for the same amount. In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income - Answer yes to Any other Taxable Income -On the next screen, Enter the number with a minus sign (-) in front. Briefly explain at description.
This is incredibly helpful, thank you so much for taking the time to answer my question. I will give that a try.
I am realizing the company sent me a 1099-NEC, does this change anything?
Q. I am realizing the company sent me a 1099-NEC, does this change anything?
A. Yes, it makes choice #2 above better,
The IRS considers anything on a form 1099-NEC to be self employment income. So, your chances of hearing from the IRS went up a little.
Ask the "company" why they sent a 1099-NEC.
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