To report your Form 1099-MISC income from a cell tower rental, it get's entered it in the rental property section of TurboTax Online. The IRS classifies income from leasing land or roof space for a c...
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To report your Form 1099-MISC income from a cell tower rental, it get's entered it in the rental property section of TurboTax Online. The IRS classifies income from leasing land or roof space for a cell tower as real estate rental income, which must be reported on Schedule E.
To enter this income correctly and generate Schedule E, follow these exact navigation steps:
Select Federal from the left-hand menu.
Select Wages & Income from the top menu bar.
Scroll down to the Rentals, Royalties, and Farm section and select Show more to expand the list.
Select Start or Revisit next to Rental Properties and Royalties (Sch E).
Proceed through the interview screens to set up the cell tower lease as a new rental property (if you have not already done so). You will classify the property type as "Land" or "Commercial" depending on what specifically is being leased.
When you reach the income section for this specific property, TurboTax will ask if your income was reported on Form 1099-MISC. Select Yes.
Enter the cell tower rental income exactly as it appears in Box 1 (Rents) on your physical Form 1099-MISC.
Select Continue to save the entry.