You'll need to sign in or create an account to connect with an expert.
Talk to the manager so you are on the same page ... the 1099 should reflect only the money you actually received after costs are removed OR the total income on the property before any fees are paid. Having a mixed bag is difficult for both of you.
On the Sch E you really should enter the total income ( before any reductions) received on the property and then ALL expenses paid of any kind are deductions on the Sch E along with the depreciation.
The 1099-MISC should reflect the money that you actually received in box 1. You need to talk with the property manager to get you both on the same page.
For now, enter the 1099-MISC *exactly* as printed. Then in the Rental Expenses section you will enter all expenses including the fees you paid to the property manager (which were in reality, withheld by the property manager.) That should get your "reportable" rental income to the correct amount. But overall, if you have a mortgage on the property you'll find in the end that none of your rental income will be taxable and you'll have excess losses to carry over to next year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ttoro
New Member
zafira11
New Member
AG04th
New Member
Mike2959
New Member
cinmay1120
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.