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Get your taxes done using TurboTax
Lease payments made for mineral rights are considered rental income, and are reported on Schedule E. Since the amount paid is listed in box 1 of your 1099-MISC, the IRS is going to expect it to be reported on a Schedule E. When you enter the 1099-MISC, you are going to be prompted by the program to link it to a Schedule E. You could report it as "Other Income", but you would have to enter the 1099-MISC incorrectly, by indicating the amount reported was in Box 3 - Other Income. This could generate a letter from the IRS. I recommend you report it as reported.
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‎April 4, 2023
11:52 AM