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amartino11
Level 2

how to report rental income

How to report rental income?

 

Cash or check

 

1099-misc ?

3 Replies
johnd84
Employee Tax Expert

how to report rental income

Hi Amartino11,

Thanks for your question. When reporting rental income you'll want to track all your income from all sources on the rental. If you received a 1099-misc for the income make sure you report that number as 1099 income on your return and don't double include that amount. So if you receive a 1099, you'll report that number but that 1099 likely also represents a check you received from someone. If it's on the 1099 don't include that particular check or checks, but you will need to include checks/cash that you do not receive a 1099 for. 

I hope this helps. 

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amartino11
Level 2

how to report rental income

How to I report cash rental income if there is no check number?  Just hand write a receipt?

 

What section does the rental income go into 1099- misc

 

will that income be calculated for the $12,000-$48,000 range to qualify for health care subsidies?

 

The comprehensive health care reform law enacted in March 2010 (sometimes known as ACA, PPACA, or “Obamacare”).

Corrlich44
Employee Tax & Finance Expert

how to report rental income

Hi,

 

If you are reporting as a business, to the IRS, that you paid rents, you will have to fill out Box 1 on Form 1099-MISC, which will acknowledge you are claiming a business deduction and the receiver of the rents will be required to report the amount in Box 1 on their business or personal tax return. If you are receiving rental income, you would report that ALL RENTS on Schedule E of your personal tax return as rents received. You would not be giving anyone a Form 1099-MISC. You would only provide the person paying you, a receipt for payment that coincides with their lease.

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