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.

posted

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

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***