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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Apartment/dwelling rented for 10 days and received a 1099-Misc, how to report?
Apartment/dwelling rented for 10 days and received a 1099-Misc, how to report?
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amy2
Level 1
03-17-2023
02:15 PM
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Client rented out apartment dwelling to movie studio for 10 days and received a 1099-Misc for rental income. IRS pub 527 has special rule if dwelling unit is used as residence and rented for fewer than 15 days don't report any of the rental income. Since a 1099 was issued should we report that as other income then have a corresponding negative amount to zero it out since it is not taxable?
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dkh
Level 15
03-17-2023
04:23 PM
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Probably better bet would be to report on the Sched E since you received 1099-MISC for rental income and enter an offsetting negative with a statement on Other Expense line. I'd enter verbiage referring to the less than 15 days rent - similar to what is found in Pub527 for the expense line.
