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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
Received a rental "signing bonus" for our gas rights. When I go to fill in Schedule E worksheet, it asks for expenses, etc. This was just a one time 1099 Misc. form. Not sure how to handle it.
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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
It's appropriate to add expenses if you have them. Please feel free to post any additional details or questions in the comment section.
https://ttlc.intuit.com/replies/5388422
You want to enter a 1099-MISC that was received for oil in a different place than other 1099-MISC's. Feel free to use the steps below to get to the correct area.
To Enter Your Oil & Gas Lease Income:
1. Select "Federal" at the top of the page
2. Select the "Wages & Income" sub-tab
3. Scroll down to "Rental Properties and Royalties" and select "Show More"
4. Select "Start" next to "Rental Properties and Royalties (Sch E)"
5. Answer "Yes" when you arrive to the screen asking "Did you have any rental or royalty income and expenses in 2017 for property you own?"
6. Continue answering the questions until you arrive to a screen titled "Is This a Rental Property or Royalty?". At this point select "Royalty Property or Payment" and continue through the section
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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
If the income is reported in box 1 of the 1099-MISC then you have rental income.
If the income is reported in box 2, you have royalty income.
This MATTERS for correct reporting.
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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
- Mark as New
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How do I file a 1099 Misc form for income rents (box1) for gas rights? Contract to rent gas rights.Any suggestions on how to handle this? thanks
It's appropriate to add expenses if you have them. Please feel free to post any additional details or questions in the comment section.
https://ttlc.intuit.com/replies/5388422
You want to enter a 1099-MISC that was received for oil in a different place than other 1099-MISC's. Feel free to use the steps below to get to the correct area.
To Enter Your Oil & Gas Lease Income:
1. Select "Federal" at the top of the page
2. Select the "Wages & Income" sub-tab
3. Scroll down to "Rental Properties and Royalties" and select "Show More"
4. Select "Start" next to "Rental Properties and Royalties (Sch E)"
5. Answer "Yes" when you arrive to the screen asking "Did you have any rental or royalty income and expenses in 2017 for property you own?"
6. Continue answering the questions until you arrive to a screen titled "Is This a Rental Property or Royalty?". At this point select "Royalty Property or Payment" and continue through the section