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Level 2
March 4, 2020

1099 MISC. BOX 3, WHERE TO REPORT ON 1065- IT WAS FOR A GEOPHYSICAL SURVEY OF PROPERTY

  • March 4, 2020
  • 1 reply
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    1 reply

    IRonMaN
    Level 15
    March 4, 2020

    Line 1 or line 7 sounds like potential landing spots - depends on what the nature of their business is.

    Slava Ukraini!
    gpguidryAuthor
    Level 2
    March 4, 2020

    Real Estate -

    they have royalties mainly, rent some land,  timber

    This is a new thing. Just not sure if it would need to go on the 1065 pg 1 income or

    the other income on the Sch. K.  line 11, other income. It's a one time thing.

     

     

    BobKamman
    Level 15
    March 4, 2020

    It sounds like a payment from a seismic permit request, which might have involved use of dynamite or a “thumper” truck on the taxpayer’s land. You could call it rent, or just “other income.”