Do I need to file a 1099 misc if I have rental property with a business license?

[bemcbride17]

If I am supposed to file a 1099 misc do I report my gross profit or net profit?

[Patrice]

Yes, The IRS requires that you file the 1099-MISC and report the rental property income.  You will report the gross income from the 1099-MISC and then you will be allowed enter the related rental property expenses in the expenses section and TurboTax will then calculate the net profit (loss) for the income.  See the TurboTax FAQ on how to enter your rental income and expenses.

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