You are correct. Rental income is reconciled on Schedule E, which is a part of your Tax return. In order to file this schedule, please see this FAQ with more information: https://ttlc.intuit.com/replies/3288530
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My 'new' tenant paid my property management company the rent(for January 2021) at end of December 2020 but I didn't get the final disbursement(after some fees) until 1~2 weeks into January 2021. My 2020 1099-misc has the gross rent that the 'new' tenant paid to my property management company.
1. My prop management company got the money in 2020 but I got my money in 2021
2. The money I got was less than what's in Box 1 in my 2020 1099-misc due to management fee and other fees
How should I go about this ?
The 1099 is correct ... you DID get the money in 2020 because your agent received it on your behalf. The fact that the management company didn't put the money in your account until 2021 is immaterial since you still had what is called "constructive receipt" of the funds.
By the way, I also paid below two items for my rental:
1. HO-6 home insurance
2. Rental tax(NOT property tax) by my city
Can they be deducted as expenses ? If so where should I enter them in TurboTax Premier ?
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