taxn00b Posted September 10, 2021 Report Posted September 10, 2021 TP has three rental properties. Two of them were managed the entire year. She switched management companies midyear. She was issued one 1099MISC per management company, but the income reported on each 1099MISC needs to be allocated between the two separate properties on the schedule E. First issue - it doesn't appear to let me link two different 1099 MISCs to the same rental property. Am I doing something wrong? Second issue - can I somehow click a button to allocate the income reported on each 1099 MISC to each property (so that I can input the document as it was received)? Or do I have to input it as if the company had issued a 1099 MISC per property (rather than per taxpayer)? For instance, I have a 1099MISC for $20,000. Property A generated $15,000 and Property B generated $5,000. Do I need to input that into the software as a 1099 for $15,000 linked to Prop A and another 1099 for $5,000 linked to Prop B ? Or is there a way to input one 1099 for $20,000 (as originally reported) and link the appropriate amounts to each property? Thanks! Quote
Lee B Posted September 10, 2021 Report Posted September 10, 2021 Just combine or split the 1099 entrys in order to achieve the correct results. As long as the end result is correct it is highly unlikely that IRS will notice or respond, and even if they do you have the documentation to back up any required reply. 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.