Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ebizwtaylor
New Member

We received a 1099 Misc for the lease of a Verizon Tower on our property. Is the source of income Rental Income form E or Nonbusiness income?

 
1 Reply
view2
New Member

We received a 1099 Misc for the lease of a Verizon Tower on our property. Is the source of income Rental Income form E or Nonbusiness income?

Leasing of the land and tower properties to unrelated third parties were rental activities as defined in Sec. 469. 

Passive income is most commonly reflected on Schedule E as a net rental income. 

Examples:  fields leased to a farmer, mobile home parks, land leased for billboards, lots leased to sell Christmas tree, land leased for cell towers and campgrounds.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Passive-Activity-Loss-ATG-Chapter-3-...

Dynamic AdsDynamic Ads
Privacy Settings
v