1099 for rental income from ts recieved

[Tia]

The management company for our one ts send us a 1099 for rental income for a week they rented minus their commission.

Ok fine but can we write it off against our maint. fees that exceeded that income? What if we don't do the long form just the short?

 

[rickandcindy23]

The management company for our one ts send us a 1099 for rental income for a week they rented minus their commission.

Ok fine but can we write it off against our maint. fees that exceeded that income? What if we don't do the long form just the short?

Yes, you can deduct your fees, too.

 

[SOS8260456]

Can't do short form. Must do long form and use Schedule E - Rental Income.

 

[Tia]

Thank you for the info

 

[Tia]

Can't do short form. Must do long form and use Schedule E - Rental Income.

Hope we got it right. Did a Schedule E with Turbo Tax online. For #3 picked type of property vacation rental rather then 'other'. Am thinking now maybe should of been 'other'.

Was kind of weird as was looking for the schedule E and they it showed it self in the error check, but didn't offer where could deduct our maint. fee or the commission taken by mgmt company. On the print out it doesn't say it is a timeshare , but that was filled out as well as the address that also got abbreviated on the form.

The management company issued a check for $440 last spring but reported $672 on the 1099, no explanation accompanied the check that it was obviously minus commission but mentioned taking out a cc fee.

 

[SOS8260456]

Interesting...they are only required to issue a 1099 if they paid out to an individual over $600 in a year. IRS rules state that all income (unless specifically exempted) is taxable. However, they have no way of knowing about this income unless a 1099 is issued since a copy of the 1099 goes to the IRS also.

Hope you deducted that commission also.

 

[Tia]

Interesting...they are only required to issue a 1099 if they paid out to an individual over $600 in a year. IRS rules state that all income (unless specifically exempted) is taxable. However, they have no way of knowing about this income unless a 1099 is issued since a copy of the 1099 goes to the IRS also.

Hope you deducted that commission also.

The version of Turbo Tax used Deluxe didn't offer for claiming the maint. fee costs or commission. Or maybe it was that we used the standard deduction in the end.