We received one 1099k from Bank of America. Some of the income is for the business and some of the income is for the rental property. How do I split it between the two? I don't want to pay FICA on rental income. When I tried to enter the unqualified amount of the business on TT it didn't offset it.
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1 Replies
MinhT1
Expert Alumni
Apr 2, 2020 1:38:08 PM
If this is the case, do not enter form 1099-K, Just keep it with your tax records.
You can then split the income reported on the form 1099-K between business income and rental income.