Farmland Rental Income
I receive a 1099-MISC for farmland I rent to farmers. I enter these in the Income Section. Where do I claim a deduction for the property tax I pay on this acreage?
I receive a 1099-MISC for farmland I rent to farmers. I enter these in the Income Section. Where do I claim a deduction for the property tax I pay on this acreage?
It depends on the type of rental payments you are receiving. If you are receiving agricultural program payments on your 1099-MISC, you need to be entering the income reported on your 1099-MISC in the Farm and Farm Rental Income section of TurboTax. If you did not enter your 1099-MISC there already, you will need to delete the form you entered and re-enter it in the rental income section. If your income is rent payments for the land itself, you need to enter it and other farmland rental income and expenses in the Rental Properties and Royalties section.
To delete your 1099-MISC entry and re-enter it you can follow these steps in TurboTax Online:
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.