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Level 1

Multiple 1099s for rental units in single property

Hello, looking for some help here. Can I combine multiple 1099-MISC into a single property? I purchased a rental property this year. It is a duplex and SFH on the same lot. However I have 3 1099-MISC for that property. I feel like it'd be best to total the values of the income from the 1099s, otherwise I'm confusing TT and the return by saying I bought 3 properties if that makes sense. I think it'd double count depreciation, etc.

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Employee Tax Expert

Multiple 1099s for rental units in single property

You need to either set it up as separate properties (allocate part of the cost to each) and treat as separate rental units, each with their own Schedule E, depreciation expense calculation, etc. Or treat as a single unit in which case you would combine all the rent (1099s).  Because it is two separate structures, I personally would set up as two separate rental properties.

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Employee Tax Expert

Multiple 1099s for rental units in single property

You need to either set it up as separate properties (allocate part of the cost to each) and treat as separate rental units, each with their own Schedule E, depreciation expense calculation, etc. Or treat as a single unit in which case you would combine all the rent (1099s).  Because it is two separate structures, I personally would set up as two separate rental properties.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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