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View Full Version : Gas Lease signing bonus income - taxes


kellcan
Jan 31, 2009, 04:21 PM
We received a gas lease signing bonus. We received a 1099 for it. The amount is entered in box 1 then labeled rent. While working on my taxes with an online software service, when I entered this amount as rental income. I started getting questions about expenses, etc. Like it thought I owned a rental property. Any advice on if that is the correct income or what forms should I use?

65falcon
Jan 31, 2009, 04:26 PM
Hello I also received a gas lease bonus last year and this year. It is considered rent. You enter it as rent you have no expenses. I used Turbo tax. I have to do it again this year as well. The really great thing about it being rent (at least here in Pennsylvania) is it is not subject to local tax!:D