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Gave back time share points in exchange for money. Got money and 1099 Misc. TT won't proceed without address for "rental property". There is no property. What now?

Forum|Forum|4 years ago
March 13, 2022
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1099 Misc describes money received as "rent". I have no address. It only involved points. TT won't proceed without an address for the "rental property" How do I get past this?

TurboTax Online

Best answer by cindyjohnc

Follow the steps below to report this income that is not reported as self-employment income.

Select Federal from the left side menu.
Click on Wages & Income.
Scroll down to Less Common Income. Click Show more.
Click Start / Revisit to the right of Miscellaneous income….
Click Start / Revisit to the right of Other reportable income.
At the screen Other Taxable Income enter the description of the income.

View the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.

The income will be listed on line 8z of the Schedule 1 Additional Income and Adjustments to Income and line 8 of the Federal 1040 tax return.

Thanks JamesG1. Your suggestion seems to have solved my problem. I did have to take the extra step of deleting the Schedule C worksheet and form that had been generated when I first tried to enter the 1099-Misc the "normal" way placing the money into TT in block 1 as it originally came from the time share company.

ColeenD3

Enter it as other income and reference the information on the 1099-MISC. Since Box 1 triggers rent, say it was in Box 3, but write Box 1 in the description of the income.

To enter a 1099-MISC for miscellaneous income in TurboTax:

Open or continue your return
Search for 1099-misc and select the Jump-to link
Answer Yes to Did you get a 1099-MISC?
- If you already entered a 1099-MISC, you'll be on the 1099-MISC Summary screen, in which case you'll select Add Another 1099-MISC
- If you need to edit or delete a previously entered 1099-MISC, select the appropriate button
Enter the info from your form into the corresponding boxes
- If you need to enter boxes 4–6 or 8–17, check My form has other info in boxes 1–17 to expand the form

Boxes 1 and 2 missing from your 1099-MISC screen? Go back to the main 1099-MISC screen using the steps above.

C

cindyjohncAuthor

This suggestion did not work. I entered the money in Block 3 instead of Block 1. I explained about getting the money in exchange for trading in time share points, as well as telling them that the dollar amount was listed on the 1099 in Block 1.

Now instead of wanting me to list the address of the rental property, TT is directing me to Schedule C to complete information on where I worked. I didn't work. All I did was turned back some time share points to the company. In return, the company sent me some money in exchange for the points.

Any other suggestions?