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JeffJane
New Member

We rent out tillable farm land, the income is reported to us on a 1099 NEC is that correct?

 
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1 Reply
pk
Level 15
Level 15

We rent out tillable farm land, the income is reported to us on a 1099 NEC is that correct?

@JeffJane , absent other facts, rental income is passive and therefore reported on 1099-MISC.  1099-NEC ( Non-Employee Compensation ) is  active income, reported on Schedule-C and attracts  Self-Employment Taxes ( SECA -- 15.3% of net )

 

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