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Acadia48
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RENTAL PROPERTY 1099-MISC

HAVE 2 RENTAL PROPERTIES THAT ARE COMBINED ON ONE 1099-MISC. LOCATED IN DIFFERENT CITIES (SAME STATE). IN THE PAST, OUR TAX ACCOUNTANT SHOWED THEM SEPARATELY ON SCHEDULE E (SUPPLIMENTAL INCOME AND LOSS), BUT COMBINED ON THE ACTUAL 1048, LINE 17. HOW DO I LIST THEM ON TURBOTAX?

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2 Replies

RENTAL PROPERTY 1099-MISC

Continue in the fashion that your accountant was using, i.e., you have two separate properties reported on Schedule E.  They will continue to be combined for reporting purposes.  (I assume your reference to "ACTUAL 1048, LINE 17" is referring to Form 1040, line 17 of the versions of Form 1040 used prior to tax year 2018.)

 

If your real question is "how do I enter one 1099-MISC into TurboTax and yet have the amount reported there split between 2 properties?" then the answer to that question is that you enter the one Form 1099-MISC as two 1099-MISCs, each with the correct rental income, making sure the sum of the two rental incomes reported adds up correctly to the amount reported on the 1099-MISC.  The actual detail that you enter into TurboTax for these "two" 1099-MISCs is NOT part of the income tax return you send to the IRS.  All the IRS sees are the numbers on Schedule E and the sum of those two numbers is the amount reported on the 1099-MISC. 

RENTAL PROPERTY 1099-MISC

Just  FYI ... the entering of each individual 1099-misc forms in the income section of the Schedules C, E, & F  are totally optional and not required.  That income amounts are entered on those forms as a total on one line of those schedules and are not part of the tax return that is filed  to the IRS ... the IRS already has those forms since the issuer had to send them to the IRS as well as you by 1/31 and you don't need to send them again.   

 

Those screens are there to make it easier for the uneducated user of the DIY program to enter their information they receive  ... you can always skip those entry screens and enter the total annual income on the next screen as one single amount.  This saves you the  time and effort to enter each individual 1099-misc you get especially  for the Sch C user where you could possibly get several of those forms every year. 

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