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My property manager issued me a 1099-MISC. Under Box 1 "Rents" they listed 100% of the amount collected. After fees I only received 45% of that. Do I report 100% still?

Forum|Forum|3 years ago
January 24, 2023
2 replies
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The renters were only in the property for 2 months in 2022 (Nov, Dec.) The first check went to my property manager, and the second 10% was taken off. This left me with 45% total that was actually collected by me over two months. Should Box 1 really be 100% or should I ask my Property Manager to correct this?

TurboTax Live Premier Online

Best answer by Anonymous_

Report 100% of the income (as shown on your 1099-MISC) and then deduct the fees as property management fees in the program (Schedule E, the Rental Properties and Royalties section).

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Anonymous_Answer

Report 100% of the income (as shown on your 1099-MISC) and then deduct the fees as property management fees in the program (Schedule E, the Rental Properties and Royalties section).

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GeorgeM777

Following up on the previous post, if you are using TurboTax online, enter your 1099-Misc as follows:

Select Income & Expenses.
Scroll down the screen to Other Common Income.
Click on the Show more drop down arrow if necessary to reveal all of the options.
Click Start across from Form 1099-Misc.

If you are using TurboTax CD/download, follow these steps:

Select Wages & Income.
Scroll down the screen to 1099-Misc and Other Common Income.
Click Start across from Income from Form 1099-Misc.

@danielleoswald12

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Anonymous_

@danielleoswald12

If this is strictly rental real estate (or a vacation rental), you should be entering the income and expenses (and the depreciable assets) on Schedule E.

In TurboTax, look for the Rental Properties and Royalties section.