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My client received a 1099-Misc for rental property, but the total amount is for two separate properties. How can I split on Schedule E (currently have linked to one property, and don't see any adjustment line available). Any thoughts?
Thanks in Advance!
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Put part on one schedule E worksheet, and the rest on another Schedule E worksheet.
I never enter individual 1099-Misc or 1099-NEC for Schedule E, or C or F, unless they don't have an ongoing activity. I just go to the C,E,F worksheet or whatever and enter the real income. I do make sure the total income equals or exceeds the total 1099 amounts.
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Expanding on Jeff's comments, the 1099 doesn't get submitted with the e-file so there really isn't any reason to data enter a 1099. That also applies to schedule C info. Just enter it directly in the worksheet - it saves a little time and hassle.
Slava Ukraini!
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Sounds perfectly reasonable - Thanks for the quick reply!
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Perfect! Thanks!!
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@jeffmcpa2010 - I like your signature line 😉
Slava Ukraini!
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@IRonMaN wrote:
@jeffmcpa2010 - I like your signature line 😉
Have you cloned yourself again? Two Jeff's, two identical signatures ... 🤣
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Those guys and gals are putting up a better fight than anyone thought, and can use all our prayers.
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"Two Jeff's, two identical signatures"
Just two Jeff's choosing to be on the right side of history. What is going over there sucks, so just doing a small part to show support to folks that really need it.
Slava Ukraini!