I own a farm which I rent for a portion of the income from the crops. I have a mineral lease that I receive an annual payment reported on a 1099-misc. Is there any way I can report that income on the 4835 rather than Schedule C.
Yes. There are two different ways to enter your 1099-misc.
One is inside the Farm Rental Income and Expense (form 4835) section itself.
The other way is to enter it under Other Common Income, Income from a 1099-misc and attach it to Farm Rental (form 4835) when given the option.
You do not want to include rental or lease income on schedule C as it would be subject to SE tax.
I've attached a couple of page snips to help locate the two different options for the entry. I'm using Home & Business so it will be a little different than Premier. If you need more direction, I'll be glad to help. Just comment in this thread.
Yes. There are two different ways to enter your 1099-misc.
One is inside the Farm Rental Income and Expense (form 4835) section itself.
The other way is to enter it under Other Common Income, Income from a 1099-misc and attach it to Farm Rental (form 4835) when given the option.
You do not want to include rental or lease income on schedule C as it would be subject to SE tax.
I've attached a couple of page snips to help locate the two different options for the entry. I'm using Home & Business so it will be a little different than Premier. If you need more direction, I'll be glad to help. Just comment in this thread.