Rental Income
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austinme
Level 1

Rental Income

If my accountant has added rental income on K1 for my LLC do you have to file a 1099-misc for same rental income on my 1040.   Form 8825 included with the K1 has the same dollar figure as the 1099-Misc received from the rental management company.

3 Replies
jtax
Level 9

Rental Income

Was the 1099-MISC issued to you or the LLC? Was the LLC a single-member or multi-member LLC? (Sound's like the later filing a 1065 with K-1 to you).

 

If the LLC owns the rental property, the 1099 should go to it and should be reported on the LLC's 1065 (flowing to you via the K-1).  If so do not put the 1099-MISC on your 1040.

 

If the 1099-MISC was issued to you personally, with your SSN, you need to figure out how to get that to appear on your return or you risk the IRS matching computers wondering where it is. I would ask your accountant about that. It could be that you just attach a statement and don't worry about it. If the IRS asks you can then easily show that it was reported on the LLC return. Of course the IRS might give you grief about why the 1099 went to you and not the LLC.

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austinme
Level 1

Rental Income

The 1099-MISC is issued to the LLC, but my name was at the top of the recipients field.  Its not using my SS# but the recipients TIN which I believe is the same as the FEIN for the LLC.  Appears that the income was included with the K1.  Just started using a management company for the rental,  so i had never received a 1099-MISC. 

jtax
Level 9

Rental Income

If the 1099-MISC EIN is the LLC's and the LLC filed a 1065 giving you individually a k-1 that lists the income (K-1 box 2 I would guess), you should be fine.  The name isn't on the 1099 isn't very important. It's the EIN/SSN that really matters. That said, it is sloppy of the management company to get that wrong.

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