Rental income reported on 1099-MISC

[MikeM2309]

I have some rental properties owned under an LLC. On one of the properties, the tenant receives assistance from a government agency so I receive a 1099-MISC for that portion of the income. Also, I am self employed and make the rest of my money from my other business. For that business, some of my customers and my credit card processor have sent me 1099's. I file all of my taxes together (I do not file separately for my businesses.)

The only place on Turbo Tax that I have found to enter 1099's is right after I tell it that I have no W-2s to enter when I am going through the income section of the interview. If I enter these 1099's here, I feel that that income will not end up on the Schedule C's of my individual businesses. Is there a different section where I should enter the 1099's, so the income shows up in the business portion of my return rather than in the personal income portion? Thanks.

[CatinaT1]

Your rental property income and your self employed income are separate and should not be reported together.

Your self employment income and expenses go on your Schedule C and your Rental Property income and expenses go on your Schedule E.

Look for the area to enter Self Employment and then the area for Investment Properties - both under the Income Section.

[Carl]

Residental Rental income is reported on SCH E as a part of your personal 1040 tax return. There are no exceptions. So if your rentals are in a single member LLC not one single penny of rental income or rental expense is reported on SCH C. It all gets reported on SCH E. There are no exceptions.

If your rentals are in a multi-member LLC meaning that you report the rental income/expenses on a 1065-partnership return, then the partnerships issues you a K-1. But still, when you enter that K-1 on your personal 1040 tax return all the rental stuff, income and expenses, is reported on page 2 of the SCH E that is a part of your personal 1040 tax return.

If you received a 1099-MISC for rental income, then it's reported in box 1 of that 1099-MISC. If entered on a 1065 return the amount gets included in box 2 of the K-1. If reported on your personal 1040 tax return then the income gets included on line 3 of the SCH E.

Under no circumstances and with no exceptions is residential rental income reported on SCH C.

NOTE: If this is an AirB&B rental then that may or may "NOT" be "residential" rental income. In some cases it could be considered "commercial" rental income. The rules are different for that.