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Level 1
posted Apr 4, 2023 10:44:11 AM

Schedule E & 1099 Misc

I received a 1099misc with income listed in Box1 Rents for a Bonus payment for mineral rights lease. Was NOT royalties. Was NOT actually property rental. How do I enter this information with being listed as a business owner or a landlord?

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2 Replies
Expert Alumni
Apr 4, 2023 11:52:35 AM

Lease payments made for mineral rights are considered rental income, and are reported on Schedule E.  Since the amount paid is listed in box 1 of your 1099-MISC, the IRS is going to expect it to be reported on a Schedule E.  When you enter the 1099-MISC, you are going to be prompted by the program to link it to a Schedule E.  You could report it as "Other Income", but you would have to enter the 1099-MISC incorrectly, by indicating the amount reported was in Box 3 - Other Income.  This could generate a letter from the IRS.  I recommend you report it as reported.

Level 1
Apr 4, 2023 7:50:14 PM

thank you!