2 rental properties same state 1 1099-MISC

[TomG76]

I own two rental properties in another state. I have 1 property management company managing both. I received 1 1099-MISC. I'm assuming this is for both properties. Should I have one for each? I have collected rent and had expenses on each. If so, Turbotax only seems to have the option to enter a 1099-MISC for each property, not one that spans multiple properties.

[AnnetteB · Accepted solution]

It is not unexpected that you would only receive a single Form 1099-MISC since all the rent was paid to a single person from a single entity.  You should have records to show what portion of the income is attributable to each property or you could contact the management company for the breakdown between the two properties.

It is important that you keep the income and expenses separated for each property when you report it on your tax return.  After you determine the breakdown between the two properties, enter the information from the 1099-MISC for each property's section of the rental income and expenses, but only enter the rent amount attributed to that property.  Just be sure that the amount reported for each one adds up to the total on the form you received. 

Another simpler option would be to enter the income amount attributed to each property in the income section for that property without saying it was reported on a Form 1099-MISC.  Keep your Form 1099-MISC for your records along with documentation showing how you divided the income among the properties.  If the IRS questions you, you have the documentation and an explanation. 

[edited 4/10/17  5:29 am PST]

[AnnetteB]

see edited answer

[TomG76]

Thanks for the clear and concise answer. That clears it up.

[tbtissue]

You have to report 1099-misc. TurboTax will ask this 1099-misc is for which property? You can enter only one property, not multiple properties. It is problem with TurboTax right here. I will try H&R Block

[trapezewdc]

My 'new' tenant paid my property management company the rent(for January 2021) at end of December 2020 but I didn't get the final disbursement(after some fees) until 1~2 weeks into January 2021.  My 2020 1099-misc has the gross rent that the 'new' tenant paid to my property management company. 

1. My prop management company got the money in 2020 but I got my money in 2021

2. The money I got was less than what's in Box 1 in my 2020 1099-misc due to management fee and other fees

How should I go about this ?

[ColeenD3]

This happens fairly frequently. Please see an answer from Phillip1 below that addresses this problem.

Rent is taxable in the year that the money is received (assuming that you are a cash basis taxpayer). Since the payment was not received until 2018, the money is not taxable until 2018.

• Include the full 1099-MISC in your rental income, and in the list of miscellaneous deductions add a deduction that is labeled "Rental income received in 2018". 
• Keep detailed records for the receipt of your rental income that substantiates the fact that the payment was received after the 12/31/17