Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Mar 18, 2021 9:21:22 AM

incorrect 1099

How do I separate rents for personal properties and business properties that were combined on one 1099 due to my SS#

0 2 588
2 Replies
Expert Alumni
Mar 18, 2021 10:22:58 AM

If you have one 1099-MISC for multiple rental units and want to apply a portion of the rent to each property, instead of entering a single 1099-MISC break it down and enter multiple Forms 1099-MISC as if you had received a separate Form 1099- MISC for each property. 

 

If you make sure the total of your Forms 1099-MISC entered in the program equals the amount on the one that you did receive, it will match the IRS computers and there will be no problem.

 

-follow this link for more Rental Property information-

Real Estate Tax and Rental Property - TurboTax Tax Tips ...

Level 2
Mar 18, 2021 11:29:36 AM

Thanks for the reply. I have done that in the past with my 3 personally owned properties filing a schedule E.

However now I have an LLC that owns a forth property with deposits in it's business bank account and all of that income listed on a 1099 for me personally with the other 3. 

If I can still split it across entities that's great. Just seams wrong so want to verify.