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I have 2 properties managed by a property mgmt firm. They sent one 1099 Misc to cover both properties. How do I enter that into TurboTax?
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I have 2 properties managed by a property mgmt firm. They sent one 1099 Misc to cover both properties. How do I enter that into TurboTax?
In the program, the two rental properties have to be set up as two separate properties. If the management company sent only one form, you would have to break it down yourself (probably with their assistance) to the income and expense for each property. You should ask them to do this for you in future years. Management companies do, or should, know that the numbers must be reported separately for tax purposes and should send you what you need.
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I have 2 properties managed by a property mgmt firm. They sent one 1099 Misc to cover both properties. How do I enter that into TurboTax?
In the program, the two rental properties have to be set up as two separate properties. If the management company sent only one form, you would have to break it down yourself (probably with their assistance) to the income and expense for each property. You should ask them to do this for you in future years. Management companies do, or should, know that the numbers must be reported separately for tax purposes and should send you what you need.
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