topic I received a 1099 from my property management company for a rental house. But, Turbotax also uses a schedule E. Isn't that taxing the same income twice? in Investors & landlords

I received a 1099 from my property management company for a rental house. But, Turbotax also uses a schedule E. Isn't that taxing the same income twice?

toddandkana — Thu, 06 Jun 2019 08:56:15 GMT

The 1099 reports the full rent paid without deducting expenses...so around $16K. With all our expenses considered, we actually lose $600 for the year. So, schedule E is $-600. But, Turbotax puts both $16K and -$600 as income on separate lines.

You only enter the 1099 one place and that's in the renta...

Anita01 — Thu, 06 Jun 2019 08:56:16 GMT

You only enter the 1099 one place and that's in the rental income and expense section. That's how you enter the income for the Schedule E, which is the form required for reporting rental income and expenses. Then you enter your expenses to arrive at a net income from the rental.

The Schedule E shows your rental income, the 1099 amount, and the net profit on the property.