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June 15, 2021
Question

Should I enter a one time rent amount for acreage drilling for minerals in rent on 1099-misc

  • June 15, 2021
  • 1 reply
  • 0 views
No royalties were given just leased.

1 reply

Critter-3
June 17, 2021

Follow these directions to post 1099-Misc, box 1 income not subject to self-employment taxes.

  • Down the left side of the screen, click Federal.
  • In the center of the screen, click Income & expenses.
  • On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
  • Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
  • On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
  • The next screen asks, Did you receive any other taxable income. Click Yes.
  • On the next screen, Other Taxable Income, enter a description and the amount. Click Continue.
  • On the next screen click Done.

The income will be reported on Schedule 1 line 8 with the description that you entered.