topic 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. in Investors & landlords

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 — Sat, 01 Jun 2019 21:13:58 GMT

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.

It sounds like you've signed a lease with an oil/gas comp...

Kat — Sat, 01 Jun 2019 21:13:59 GMT

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

Re: 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.

joerain1984 — Mon, 17 Feb 2020 03:26:35 GMT

How did you do this as I am having the same issue this year? The four options are not what my situation is either.