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NK STVR
Returning Member

multiple 1099k for schedule E

I have Turbo Tax Prem.

We have a valid STVR which are on two platforms: ABNB & VRBO, we received 1099-K for both.  We entered the 1099K for each one.  Select from drop menu that Real Estate Property which includes STVR.  Did the Schedule E with no issues.  But as we go through the Federal review the 1099-k are flagged.  I decided to try deleting one 1099K, so problem. Passed the Federal review.   I then added the  1099K that I deleted, it flagged again.  I try changing the name of the person on one of the 1099-k and it flagged. I tried changing the the STRV reason to "other", which changed my earnings to a crazy amount and end up owning 13K+, instead of negative.  Our expenses exceeded our revenue, we had a substantial loss, where had small IRS refund.   The Tax expert suggest I upgrade my tax to have my taxes prepared by a Tax person.    So at this point, I don't know what to do.

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1 Reply
AnnetteB6
Employee Tax Expert

multiple 1099k for schedule E

If you did not enter the Form 1099-K directly through the Schedule E Rental Income and Expenses section of your return, try entering them there.  That will automatically tie them to the rental property.

 

If you still get flags, delete the Form 1099-K completely and report all of the income from both forms as 'other income' not on a Form 1099-MISC or 1099-K.  It is more important that it be reported as income for the property than it is to clear some error flag to enter the actual Form 1099-K.  Just keep the forms with your records in the unlikely event you are questioned about it.

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