topic Re: 1099 and multiple owners in Investing

1099 and multiple owners

debraf — Wed, 17 Feb 2021 20:06:20 GMT

i own rental property with another person but the 1099 for rents came in my name only how do i handle this?

Re: 1099 and multiple owners

M-MTax — Wed, 17 Feb 2021 20:15:18 GMT

You've got to report all the income on that 1099 and report you received the other person's share as nominee...you can deduct your share of expenses.

Re: 1099 and multiple owners

debraf — Wed, 17 Feb 2021 20:48:19 GMT

where do you report the nominees share? in the sch E worksheet supporting document?

Re: 1099 and multiple owners

M-MTax — Wed, 17 Feb 2021 20:58:11 GMT

Not sure about turbotax. I'd report it as an expense and use line 19 of SCH E with a description. You're supposed to issue a 1099 to the other person.

Re: 1099 and multiple owners

debraf — Wed, 17 Feb 2021 21:51:06 GMT

great thanks again!