In reference to your question, please see the detailed answer to another (highly similar) question on Royalty (rental) income that is posted here:
https://ttlc.intuit.com/questions/3621165
It has to do with income reported on a Form 1099-MISC as well. That advise, and those mechanical steps, should work the same for you too.
That said, with respect to the other part of your question, it would be a reasonable answer to say (and to input in TurboTax if asked) that your fractional ownership is actually 100% (of that fractional piece), as long as the income represented on your 1099-MISC is entirely yours, and you don't have to sub-divide it or share it among other landowners or inheritors. In other words, if you own 100% of the amounts shown on your 1099-MISC, then you can say you own 100% (for purposes of working with the tax software).
Thank you for asking this question.
In reference to your question, please see the detailed answer to another (highly similar) question on Royalty (rental) income that is posted here:
https://ttlc.intuit.com/questions/3621165
It has to do with income reported on a Form 1099-MISC as well. That advise, and those mechanical steps, should work the same for you too.
That said, with respect to the other part of your question, it would be a reasonable answer to say (and to input in TurboTax if asked) that your fractional ownership is actually 100% (of that fractional piece), as long as the income represented on your 1099-MISC is entirely yours, and you don't have to sub-divide it or share it among other landowners or inheritors. In other words, if you own 100% of the amounts shown on your 1099-MISC, then you can say you own 100% (for purposes of working with the tax software).
Thank you for asking this question.