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L
lfkf
February 23, 2022
Question

How do I handle a one time lease payment for mineral rights?

  • February 23, 2022
  • 1 reply
  • 0 views
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1 reply

PatriciaV
PatriciaV
Employee
February 23, 2022

Most mineral bonuses are one-time income. For this reason, you may enter this Form 1099-MISC under:

  1. Federal Taxes
  2. Wages & Income
  3. Other Common Income
  4. Income from Form 1099-MISC

When asked, check that this income was NOT related to a main job. Likewise, check that you received it only this year. Check that it didn't involve an intent to earn money.

This entry will result in your description and the amount in Box 3 appearing on Form 1040 Line 8 "Other Income." No Schedule E will be created.

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