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john_thorne
New Member

I lease 500 sq. ft. of my 14 acre property where I live in my home to a cell tower company. They built and own the tower, I own the property and they pay rent (1099-Misc).

Turbotax wants me to treat it as rental property, Schedule E. I want to show it simply as additional income.
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Accepted Solutions
Hal_Al
Level 15

I lease 500 sq. ft. of my 14 acre property where I live in my home to a cell tower company. They built and own the tower, I own the property and they pay rent (1099-Misc).

Schedule E is the proper way.

But, tax wise, you come out the same, if you enter it as other income on line 21 of form 1040.

You will have to use a work around in TurboTax. 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Less Common Income

      -Misc Income, 1099-A, 1099-C

       - On the next screen, choose – Other reportable income  (- reimbursed deductions from a prior year

       - On the next screen, click yes

       - On the next screen, you'll get blanks to enter the amount and a description. I suggest "misc.  income in box 1 of 1099-Misc" It will go on line 21 of form 1040 as "Other Income"

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1 Reply
Hal_Al
Level 15

I lease 500 sq. ft. of my 14 acre property where I live in my home to a cell tower company. They built and own the tower, I own the property and they pay rent (1099-Misc).

Schedule E is the proper way.

But, tax wise, you come out the same, if you enter it as other income on line 21 of form 1040.

You will have to use a work around in TurboTax. 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Less Common Income

      -Misc Income, 1099-A, 1099-C

       - On the next screen, choose – Other reportable income  (- reimbursed deductions from a prior year

       - On the next screen, click yes

       - On the next screen, you'll get blanks to enter the amount and a description. I suggest "misc.  income in box 1 of 1099-Misc" It will go on line 21 of form 1040 as "Other Income"

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