I know how to enter this into Turbotax except for the question about whether it is qualified business income. The property leased is a mineral interest.
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Unfortunately, no. Generally, oil and gas lease payments are considered "portfolio income." (Portfolio income is defined to include gross income from interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business.)
Portfolio income is specifically excluded from Qualified Business Income and will not qualify for the QBI deduction.
I get royalty checks from oil and gas production which is reported on a 1099 misc. Is this income a qualitied business income?
As LittyM stated above.
Unfortunately, no. Generally, oil and gas lease payments are considered "portfolio income." (Portfolio income is defined to include gross income from interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business.)
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