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Where to report 1099NEC for my rental income when all there is a place for a 1099MISC?

 
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2 Replies

Where to report 1099NEC for my rental income when all there is a place for a 1099MISC?

Rental income must be reported on 1099-misc box 1. 

Hal_Al
Level 15

Where to report 1099NEC for my rental income when all there is a place for a 1099MISC?

You ask the issuer to make a correction: issue you a new 1099-Misc, for the amount and a corrected 1099-NEC for $0.

 

If you received an erroneous 1099-Misc, You have several choices:

  1. Ideally, you get a corrected 1099-misc from the payer
  2. Report it as rental income (enter at the 1099-Misc screen).  Attach a copy of the 1099-NEC and a statement explaining the circumstances. You can't e-file. From the IRS instructions for form 1099-Misc: Form 1099-MISC incorrect? If this form is incorrect or has been issued in error, contact the payer. If you cannot get this form corrected, attach an explanation to your tax return and report your income correctly.
  3. Report the income as rental income.  Then report  the same  income as misc line 8z, Schedule 1 income (enter in TurboTax at the 1099-NEC screen) .  Then enter a line 8z deduction, for the same amount.  In TurboTax (TT), enter at:
    - Federal Taxes tab
     - Wages & Income
    Scroll down to:
    -Less Common Income
          -Misc Income, 1099-A, 1099-C
           - On the next screen, choose – Other reportable income -  Answer yes to Any other Taxable Income -On the next screen, Enter the number with a minus sign (-) in front.  Briefly explain at description.

4. Report it as rental income  and hope you can explain it away when & if the IRS contacts you

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