I received a 1099-k from Airbnb for 6 properties I own. How do I divide the amount on schedule Es line income from 1099-k? TT links it all to one only.

[DianeW777]

Do not enter the 1099-K.  Enter the actual income you received for each rental property that was collected in 2023.  The Form 1099-K can be your backup but you can simply enter rental income directly in each property.  Your records will provide the detail for the rents received.

• Search > Type rentals > Click the Jump to... link > Edit beside each rental

See the image below for entering your income directly:

                           

@danh123 

[Critter-3]

Ok ... FYI ... base facts are  :   you do NOT need to enter the 1099 FORM  in the TT program  ... never have never will.  What you DO need to enter is the amount reported on that form in the appropriate section.  So if the 1099 form is reporting rent then simply enter it as rent on the Sch E input section and you are done.  This is what all the professional tax preparers do everyday.    

[danh123]

Don't need to enter 1099-misc or 1099-ks as long as the income is already entered somewhere else(schedule e for example)?

[Critter-3]

Correct ... only the info on those forms need to be reported but you do NOT need to actually enter the 1099 in the TT program at all if you know where to put the information already.  The program is written at a third grade level and is meant to take you by the hand and lead you every step of the way which is why there are input screens for those unneeded forms to begin with but using those screens can actually be confusing in certain circumstances so take the advice in this thread and be smarter than a third grader. 

[danh123]

Thanks. I can save some time by not entering these forms in the future.

[amcnaughton]

My 1099-K is from Zillow and contains the rent PLUS security deposits from multiple properties. According to this thread I should not enter the 1099-K  but should instead distribute the 1099-K Gross Amount across the properties as Rent (which should total the same as the 1099-K Gross Amount).

How do I handle the security deposits collected for each property (they are included in the 1099-K Gross Amount)?  Do I deduct the security deposit for each property in the Other Expenses section for that property? Since there is no 1099-K entered I cannot click This amount in box 1a is incorrect (which wouldn't really work as the 1099-K is for multiple properties).

[JamesG1]

IRS Publication 527 Residential Rental Property, page 4, states:

Security deposits

Do not include a security deposit in your income when you receive it if you plan to return it to your tenant at the end of the lease. But if you keep part or all of the security deposit during any year because your tenant does not live up to the terms of the lease, include the amount you keep in your income in that year. 

If an amount called a security deposit is to be used as a final payment of rent, it is advance rent. Include it in your income when you receive it.

As an example, if an IRS form 1099-K reports $5,000 with the following detail:

                  Rental    Deposit

Rental 1   $1,000   $1,000

Rental 2   $1,500   $1,500

and you will report the deposit amount as a deposit and not as income, report the rental income of $1,000 for Rental 1 and $1,500 for Rental 2.

Maintain a separate record of the $1,000 and $1,500 deposit amounts should a tax authority have a question about these amounts at a later time.

You may report the full $5,000 across the two rental properties and deduct the security deposit for each property in the Other Expenses section for that property.

This method would maintain a record within the tax return of the transaction.

@amcnaughton