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If you have one 1099-MISC for multiple rental units and want to apply a portion of the rent to each property, instead of entering a single 1099-MISC break it down and enter multiple Forms 1099-MISC as if you had received a separate Form 1099- MISC for each property. Make sure the total of your Forms 1099-MISC entered in the program equals the amount on the one that you did receive.
If you have one 1099-MISC for multiple rental units and want to apply a portion of the rent to each property, instead of entering a single 1099-MISC break it down and enter multiple Forms 1099-MISC as if you had received a separate Form 1099- MISC for each property. Make sure the total of your Forms 1099-MISC entered in the program equals the amount on the one that you did receive.
If you break down income for each property to match amount of 1099-misc, without entering 1099-misc, you will raise red flag to IRS. If you enter 1099-misc, you will double your income for properties. I think there is a glitch in TurboTax software.
I agree, TurboTax is lame on this one. It's bad practice to force users to fake anything when entering tax statements like 1099-MISC, especially if it's a lot of clerical overhead. We are facing this now (Jan 2020) for the first time (now 2 properties under 1 manager => 1 statement). Humans might be smart enough to recognize when we split the 1 statement into 2, but IRS robots probably are not.
Have you had any luck with finding a solution to this? I am having the exact same problem.
@JV11 - The original answer is the correct way to do it.
If you have one 1099-MISC for multiple rental units and want to apply a portion of the rent to each property, instead of entering a single 1099-MISC break it down and enter multiple Forms 1099-MISC as if you had received a separate Form 1099- MISC for each property. If you make sure the total of your Forms 1099-MISC entered in the program equals the amount on the one that you did receive, it will match the IRS computers and there will be no problem.
Hal_Al, let's hope you are right. A few years ago Intuit promised us that their broken math on the Form 8962 (rounded before adding, but should add first, and apparently now fixed) wouldn't matter to the IRS... And then we got AUDITED for ACA compliance, and it took a year of perseverance to get that resolved.
I have 5 rental properties and 1 1099MISC. Has anyone tried the recommended solution: namely break it into 5 pieces and submit them separately. Did this create any problems with the IRS. Any audits? Thanks
That is the only thing you can do. As long as all the income between the five agrees with the amount on your 1099, you are good.
I tried it and I don't know if I did something wrong but it completely destroyed all my rental property historical data. I am starting my tax over again with a completely new copy of 2019 taxes. I can't understand why Ttax will not fix this problem. Having been a software developer and manager of software development projects this is a simple fix.
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