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FSB
New Member

My 1099MISC for rental property that includes the security deposit. do I report only the amount for rent? or do I indicate the security deposit somewhere else?

The 1099misc overstates my rental income for 2015 because it includes the deposit and also payment for January 2016.  How much should I report?

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Tiki
New Member

My 1099MISC for rental property that includes the security deposit. do I report only the amount for rent? or do I indicate the security deposit somewhere else?

No, you enter the information as it appears on the 1099-MISC. When you enter your business expenses in the Rental Income & Royalty section, there is a section where you can type in specific expenses. The type in the section is where you will enter the security deposit. This will offset the 1099-MISC income. 

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2 Replies
Tiki
New Member

My 1099MISC for rental property that includes the security deposit. do I report only the amount for rent? or do I indicate the security deposit somewhere else?

No, you enter the information as it appears on the 1099-MISC. When you enter your business expenses in the Rental Income & Royalty section, there is a section where you can type in specific expenses. The type in the section is where you will enter the security deposit. This will offset the 1099-MISC income. 

View solution in original post

aircarl
Level 3

My 1099MISC for rental property that includes the security deposit. do I report only the amount for rent? or do I indicate the security deposit somewhere else?

A security deposit is not income for the landlord. It belongs to the tenant and must be returned to the tenant, unless there is a basis to deduct from the deposit pursuant to Civil Code section 1950.5.

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