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April 10, 2021
Question

Where do I enter the expense of leasing a piece of a solar farm through my local electric company. I got a 1099Misc for the electric credit from the solar lease, but I also paid a monthly lease fee.

  • April 10, 2021
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1 reply

April 10, 2021

Enter the monthly lease expense as a negative amount in "Other Reportable Income" (this is where the 1099-MISC would also be entered, although by way of the 1099-MISC interview).

  • Type "other reportable income" in the search window (or in the Search Topic window for desktop versions) and select "jump to other reportable income"  

  • Answer "No" to "Did you receive any other wages?" 

  • Select "Other reportable income" from the Miscellaneous income list 

  • Select Add another Income item  on the Other Miscellaneous Income Summary screen 

  • Enter a Description and amount,  then click on Continue 

A corresponding negative amount will be entered, and line 8 of Schedule 1 and Form 1040.