Hi there,
I have a multi-partner LLC with rental income. I recently engaged a property management company and they provided a 1099-MISC form for rental income. 90% of the rental income for the year came to me directly and I managed this in quickbooks, including the rental income from the 1099-MISC. Turbotax automatically pulled in my quickbooks account into the 1065 form, but I am not seeing anywhere where I can capture the fact that a small portion of the rental income was from the 1099-MISC. How do I do this?
Thanks,
Creeter
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You do not need to enter the 1099-Misc received directly as the form you can add the income in the Rental Real Estate Section of TurboTax Business using the amount on the 1099-Misc Form.
The IRS looks on your return to make sure that you have claimed at least the amount of income that is on the 1099-Misc form. It is when you claim less income then what is on the 1099-Misc form that causes issues.
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