We have a small farm field we rent to a neighbor for a fixed annual amount. Previously, he's always provided a 1099-MISC with the field rental amount. This year, he gave us a 1099-NEC instead. This doesn't seem right; we didn't do any work and simply let him use the land.
What are the implications if we report it as-is rather than asking him to send a MISC instead? What if he won't provide the correct form? We're still waiting for a W-2 and various other forms, so I haven't been able to enter everything into TurboTax yet and see the final numbers, but I put it in both ways to see the difference, and at the moment it seems like it'll cost us nearly 2x as much in tax.
