Most often, Form
1099-PATR reports dividends associated with farms. However, you may also
receive this form for other reasons, for example if you have your home mortgage
from a land bank.
If the dividends
reported in Box 1 of your 1099-PATR fall into either of the following
situations, you do not have to report them:
- Your dividend was
paid on property purchased for personal use; or
- Your dividend was
paid on capital assets or depreciable property used in your business.
Otherwise, Form
1099-PATR is reported on Schedule F (usually) or Schedule C.
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