turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I report a 1099-MISC for rental income when I don't own the property?

I get income for a nearby wind turbine. The 1099misc reports it as rental income, which makes it hard to answer questions. May I report it as a royalty instead?

I do not own the property the turbine is on.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PatriciaV
Expert Alumni

How do I report a 1099-MISC for rental income when I don't own the property?

No, you must report the income from Form 1099-MISC exactly as it appears. The IRS receives a copy and will expect to match that income with your tax return.

 

Use your own address for the "rental" property (or the address of the payer from the 1099), since you don't own the land where the turbine is located. Indicate that it was rented all year and that you "own" 100%. For your situation, enter only the property profile and the rental income.

 

[edited 4/23/24 | 1:07pm PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
PatriciaV
Expert Alumni

How do I report a 1099-MISC for rental income when I don't own the property?

No, you must report the income from Form 1099-MISC exactly as it appears. The IRS receives a copy and will expect to match that income with your tax return.

 

Use your own address for the "rental" property (or the address of the payer from the 1099), since you don't own the land where the turbine is located. Indicate that it was rented all year and that you "own" 100%. For your situation, enter only the property profile and the rental income.

 

[edited 4/23/24 | 1:07pm PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

How do I report a 1099-MISC for rental income when I don't own the property?

Thank you very much for your prompt response.🙂

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies