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.

dianehobo · ‎June 1, 2019

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.

Kat · ‎June 1, 2019

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.***

joerain1984 · ‎February 16, 2020

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.