DaveF1006
Employee Tax Expert

Get your taxes done using TurboTax

Yes, according to Super Awesome Agent IsabellaG in this link, Lease bonus payments are considered income and reported as separate items in the rental/royalty section. You can deduct all taxes and interest against that income even if there hasn't been any extraction activity.

 

As far as the mortgage interest, you would only claim the mortgage interest for the land and not the house.

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