one 1099misc for 2 different properties

[ljwalters]

Client got 1 1099misc from his management co. that included rent from 2 different properties they manage.

How do I separate the income. Or do I just not use the 1099misc

[Terry D EA]

Contact the client and have him contact the property manager to get the detail on the rent. you can't just ignore the 1099 as you must allocate it to the Schedule E.

[jshtax]

Why not aggregate the rentals?

[jklcpa]

Why not aggregate the rentals?

Be careful with that. The election to aggregate can be useful if a taxpayer has enough hours for the participation test for one property but not for another, and by aggregating, those hours would apply to all of the properties being combined. The downside of having the election in place is that if the taxpayer has a property that has losses and disposes of it at a loss, those losses can only be used when substantially all of the properties are finally disposed of.

[WITAXLADY]

I JUST OVERRODE THE INPUT SO THE RENTS WERE CORRECT BUT THE 1099 EQUALED THE 2,,,,

[joanmcq]

Usually property managers provide a schedule of rents & expenses. I'll use that for the split.

I just had one though that reported the 1099 at 1/3 but all of the reports were at 100%. So I just didn't use the 1099 input. The total rents will match the 1099.