Income taxes

Could someone tell me what do we put the monies we got for leasing mineral rights under is it considered as rent or royalties or other ? Pleas help. Thanks Linda Warner

The bonus money for leasing is listed under rentals and you can not take the 15% depletion. I think that if you had expenses related to signing the lease, such as attorney fees, those can be deducted.

First, you really want to consult a tax professional. A licensed CPA.

I used Turbo Tax and when I answered the questions it placed the bonus lease on the 1040 on line 21 as other income "Personal property Rents from box 1 of 1099-MISC"

You should have received a 1099 from the mineral rights company.

Hope that helps. Good luck!