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I use TurboTenant to collect rent for 6 rental properties. I’m getting 1099K errors on 4 of the 6 properties. It doesn’t say what is wrong. I don’t see anything wrong?

 
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3 Replies
JamesG1
Expert Alumni

I use TurboTenant to collect rent for 6 rental properties. I’m getting 1099K errors on 4 of the 6 properties. It doesn’t say what is wrong. I don’t see anything wrong?

Are their multiple IRS forms 1099-K or one IRS form 1099-K?

 

Are you reporting multiple rental property activities or a single rental property activity on Schedule E Supplemental Income and Loss?

 

 

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I use TurboTenant to collect rent for 6 rental properties. I’m getting 1099K errors on 4 of the 6 properties. It doesn’t say what is wrong. I don’t see anything wrong?

I have one 1099K that I allocated to the rentals

 

DianeW777
Expert Alumni

I use TurboTenant to collect rent for 6 rental properties. I’m getting 1099K errors on 4 of the 6 properties. It doesn’t say what is wrong. I don’t see anything wrong?

Keep the 1099-K in your tax records and report the rental income directly on each rental property. The key is to have the income in the right locations and a direct 1099-K is not required to file your tax return. In some cases it's easier, but not all.

  1. Open or continue your return.
  2. Navigate to the rentals section:
    • TurboTax Online/Mobile: Go to rentals.
    • TurboTax Desktop: Search for rentals and select the Jump to link.
  3. Answer Yes to the question Did you have any income from rentals or royalties?
  4. Enter your rental income in each property.
    1. For other details use this link: Where do I enter income and expenses from a rental property?

@sullivanmom24 

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