I rented real estate out via airbnb under my personal account for others. Airbnb starting issuing 1099's. How do I direct the income to the appropriate people.

[psandovalflorida]

Basically because i have an outstanding host account with airbnb i had allowed others to list their properties on my account.  Now i got a 1099 and need to figure out how to allocate the income to the appropriate people.   Fort example if I was to omit the 1099 from my tax return and not mention it can the 1099 be attached to a C corporation tax return even though my social is listed on it.

Part of the total income on the 1099 issued to me is for me and some is for a C corporation that my partner is the president of.  The legal ownership of the properties are that C corporation but the income was coming in to me personally.

I know i created a small mess here what is the best way to solve.  I have both versions of the software for personal and business i am just not finding how to do it?

[MichaelMc]

I believe your best solution here is to treat all the rental income on the Forms 1099-MISC as Schedule E income on your Form 1040 individual income tax return. Then, as expenses against each rental property, show the share of the income that is attributable to the C Corp that actually owns the properties. This will leave you with gross income equal to your share of the 1099 payments.

To allow for the C Corp to report its share of the income, you must issue Forms 1099-MISC to the C Corp, showing the rents equal to the amount you reported as the expense on Schedule E. These Forms 1099-MISC will show you personally, with your address and SSN, as the Payer, and the C Corp as the Recipient. Be sure to file Copy A of these forms along with Form 1096 with the IRS as soon as possible.

You can create and file the forms from within TurboTax Business.