Help with Source of 1099-MISC box 1 selection? 3rd party asked to rent to see if gas or oil is on this empty land. It is not farm land. No one has been there in decades.

The 4 choices in the TurboTax questionnaire and Learn More does not fit the situation. It is not rental land, or a business venture. It just empty land my mother inherited 43 years ago and it just sits growing weeds as far as we know. The company contacted the family.

1086

Level 15

Jun 1, 2019 2:13:59 PM

It sounds like you've signed a lease with an oil/gas company to drill for (hopefully) oil.

If that's the case, you'll enter this as a rental. See the TurboTax FAQ below for specific instructions.

https://ttlc.intuit.com/replies/4770594

New Member

Feb 16, 2020 7:26:35 PM

How did you do this as I am having the same issue this year? The four options are not what my situation is either.

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Help with Source of 1099-MISC box 1 selection? 3rd party asked to rent to see if gas or oil is on this empty land. It is not farm land. No one has been there in decades.