1099-MISC income from a farm rental
Asked Mar 8, 2009, 10:03 PM
My brother and I inherited farm property in Ohio in 2008 that was owned by our mother, who lived in Florida. For many years, she had been renting the property out to a company that runs a farm on the land. I also live in Florida and have no involvement with the farm whatsoever other than now my brother and I receive rent from it. I received a 1099-MISC for my portion of the rent. How do I report this income on my federal tax return? Do I use Form 4835 and report it on line 6 (other income)? Or do I just report it as regular rent? Does it even matter that the rent came from a farm operator? If so, why does it make a difference?