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If your IRS form 1099-K reports rental real estate, have you created a rental real estate activity? If not, in TurboTax Online, follow these steps:
Does the IRS form 1099-K report income net of the maintenance fees? As an example, you received $20,000 in rental income and paid $5,000 in maintenance fees. But the IRS form 1099-K reports the net of $15,000.
Report the $15,000 from the IRS form 1099-K as outlined above. Report the $5,000 additional income by selecting Cash, checks, and electronic payments at the screen Select your type of income. Report the maintenance fees under Expenses at the screen Here's your rental property info. Additional rental related expenses may be recorded here.
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