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posted Jan 23, 2023 9:08:42 PM

My property manager issued me a 1099-MISC. Under Box 1 "Rents" they listed 100% of the amount collected. After fees I only received 45% of that. Do I report 100% still?

The renters were only in the property for 2 months in 2022 (Nov, Dec.) The first check went to my property manager, and the second 10% was taken off. This left me with 45% total that was actually collected by me over two months. Should Box 1 really be 100% or should I ask my Property Manager to correct this?

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1 Best answer
Level 15
Jan 24, 2023 7:27:35 AM

Report 100% of the income (as shown on your 1099-MISC) and then deduct the fees as property management fees in the program (Schedule E, the Rental Properties and Royalties section).

3 Replies
Level 15
Jan 24, 2023 7:27:35 AM

Report 100% of the income (as shown on your 1099-MISC) and then deduct the fees as property management fees in the program (Schedule E, the Rental Properties and Royalties section).

Expert Alumni
Jan 24, 2023 8:34:24 AM

Following up on the previous post, if you are using TurboTax online, enter your 1099-Misc as follows:

 

  1. Select Income & Expenses.
  2. Scroll down the screen to Other Common Income.
  3. Click on the Show more drop down arrow if necessary to reveal all of the options.
  4. Click Start across from Form 1099-Misc.

If you are using TurboTax CD/download, follow these steps:

 

  1. Select Wages & Income.
  2. Scroll down the screen to 1099-Misc and Other Common Income.
  3. Click Start across from Income from Form 1099-Misc.

@danielleoswald12

Level 15
Jan 24, 2023 8:40:04 AM

@danielleoswald12 

 

If this is strictly rental real estate (or a vacation rental), you should be entering the income and expenses (and the depreciable assets) on Schedule E. 

 

In TurboTax, look for the Rental Properties and Royalties section.