Are you reporting two rental properties on IRS Schedule E Supplemental Income and Loss?
If so, I would report the IRS form 1099-K income within each of the Schedule E rental properties. For example, the IRS form 1099-K reports $5,000, $3,000 to property 1 and $2,000 to property 2.
In TurboTax Premium Online, follow these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Click to the right of Rentals, Royalties, and Farm.
- Click to the right of Rental Properties and Royalties.
- At the screen Your 2024 rentals and royalties summary, click the pencil icon to the right of the rental property.
- At the screen Here's rental property info, select Add income to report rental income.
- At the screen Select your type of income, select Form 1099-K and report the $3,000.
Repeat with the second rental property and report the $2,000.
Retain copies of all paperwork with your tax records should a tax authority have a question at a later time.
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