I received a 2024 Form 1099-MISC from my property manager on the rental income. Already reported this into turbotax. My property manager uses Hemlane, a online software portal for rental activities. Hemlane sent me a Form 1099-K. How do I handle this form 1099-K ?
You should not enter the Form 1099-K if you reported the income off of a Form 1099-Misc elsewhere as per this in the program:
Aren't we required to include all forms that have been reported to the IRS?
No. You are required to report the income you actually received and should never duplicate your income. Congress has some details to clean up on the third party payment agencies and forms they are currently required to file for anyone who meets the criteria. For this reason you received duplicated income and you're not alone. Keep all documents in your file and be prepared should the IRS inquire. It's going to take some inquiries before they realize the error of their ways.
Our Tax Expert @ThomasM125 hit the nail on the head with his instructions.