If your IRS form 1099-K reports rental real estate, have you created a rental real estate activity? If not, in TurboTax Online, follow these steps: Down the left side of the screen, click on Federal. Down the left side of the screen, click on Wages & income. Scroll down to Rentals, Royalties, and Farm. Click on the down arrow to the right. Select Start / Revisit to the right of Rental Properties and Royalties. Once your rental real estate activity has been established, select Add income. At the screen Select your type of income, select Form 1099-K and click Continue. Report the IRS form 1099-K income there. Does the IRS form 1099-K report income net of the maintenance fees? As an example, you received $20,000 in rental income and paid $5,000 in maintenance fees. But the IRS form 1099-K reports the net of $15,000. Report the $15,000 from the IRS form 1099-K as outlined above. Report the $5,000 additional income by selecting Cash, checks, and electronic payments at the screen Select your type of income. Report the maintenance fees under Expenses at the screen Here's your rental property info. Additional rental related expenses may be recorded here.

Question

Received a 1099-K for rental of timeshare. The rental is much less than the maintenance fees which I pay to the timeshare company. How should I handle this?

Forum|Forum|2 years ago
April 7, 2024
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TurboTax Deluxe Online

J

JamesG1

If your IRS form 1099-K reports rental real estate, have you created a rental real estate activity? If not, in TurboTax Online, follow these steps:

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Scroll down to Rentals, Royalties, and Farm. Click on the down arrow to the right.
Select Start / Revisit to the right of Rental Properties and Royalties.

Once your rental real estate activity has been established, select Add income.
At the screen Select your type of income, select Form 1099-K and click Continue.
Report the IRS form 1099-K income there.

Does the IRS form 1099-K report income net of the maintenance fees? As an example, you received $20,000 in rental income and paid $5,000 in maintenance fees. But the IRS form 1099-K reports the net of $15,000.

Report the $15,000 from the IRS form 1099-K as outlined above. Report the $5,000 additional income by selecting Cash, checks, and electronic payments at the screen Select your type of income. Report the maintenance fees under Expenses at the screen Here's your rental property info. Additional rental related expenses may be recorded here.