Question

I have a question about reporting rental property income and paying tax on rental income. I do not use a management company to manage the property I rent to tenants — I manage my own rental property myself so I do not receive a 1099. Since I don’t receive 1099 Forms, I’m confused about where I am supposed to enter the income that I earn from my rental property. Is there another process by which I can account for my rental income when I file my taxes with the IRS — Where do I enter the income that I earn from these properties?

Answer

Rental income is any payment you receive for the use or occupation of property that you own. You are responsible for reporting rental property income for all of your properties. Regarding paying tax on rental income, if you own and choose to rent buildings, rooms or apartments, you generally report your rental income and expenses on Form 1040, Schedule E. If you have more than three rental properties, complete and attach as many Schedules E as are needed to list the properties you own and rent. This is true even if you manage the rental properties yourself rather than using a management company and didn’t receive a Form 1099-MISC.

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