mineral rights

hotspeedbird · ‎April 6, 2019

"I received a 1099-MISC fora mineral rights lease agreement (oil & gas. Is this considered A (rental property) or B (royalty property or payment). "

Kat · ‎April 7, 2019

If the 1099-MISC is for only the agreement to drill, etc., this would be considered rental income. The TurboTax FAQ below will explain how to enter this income into the TurboTax program.

https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-propert...

If the drilling produces any oil or gas (hopefully), you'll begin receiving a 1099-MISC for royalty income in the future.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***