One 1099 from my Property manager for multiple residential rental properties

[nandaR]

I am trying to use TurboTax Home and Business software download to windows to file my taxes. I have a few questions:

I have three rental properties in an LLC that I have a property management company manage and they have given me one 1099 for all the properties. 

1) Do I file my real estate taxes under Schedule E under Business Expenses?

2) When I start entering each of the three properties it is asking 1099 Income for each and I have a separate Profit/Loss statement which tells me exactly what my Gross / Net is but not from a 1099 Individually. Can I still use the numbers from P/L even thought there is not a separate 1099 per property Issues by my property manager?

3) The main Business section also has a Schedule C / Business 1099 portion. Do I enter the 1099 from my property manager here instead? If I need to do #2, then I guess I am not doing #3?

Please advise. 

[AnnetteB6 · Accepted solution]

You would enter the property taxes for each property as a rental expense on your Schedule E.

For the Form 1099-MISC that you received, you can enter it under each separate property or skip entering it altogether.  If you enter it under each property, just change the amount of rent received to match your records for the the rent received for each property.  Or, if you want to skip entering the Form 1099-MISC details, just enter the rent amount from your records under each property as 'cash' or other income.  The important thing is that all of the income reported on the Form 1099-MISC is reported on your return, allocated to each individual property.  

Once the information on the Form 1099-MISC has been accounted for in your Schedule E, you are done.  You do not enter the Form 1099-MISC into a Schedule C for Business Income and Expenses since it represents rent income.