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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Hi Again: Regarding Oil and Gas Lease of land. In turbotax

Resolved Question:

Hi Again: Regarding Oil and Gas Lease of land.
In turbotax the program asks, "I converted this property from personal use to rental use in 2012" OR "I converted this property from rental use to personal use in 2012"

It doesn't appear to be a requirement to pick either.

So my question is: Tax payer owns two parcels in Ohio. Oil/Gas company gave her $19K bonus for 5 yr lease of land. I'm assuming she should list both parcels seperate. What about the converting question? If somebody leasing land is that considered converting it to rental use? Most folks back there contiue to live on land when they rent it but she does live there. Finally, the land was quitclaimed to her n Nov 2011 and she leased it in Sept 2012.
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G :

Since the land is not depreciable, I'm not sure it matters; however leasing the land for 5 years would convert it to rental use, even if she still resides there. I'm not sure exactly what land the lease actually covers, but I presume that it would be defined in the lease. Surely the lease doesn't include the right to drill in the middle of her home.

Customer:

Sorry for spliting hairs just want make sure this right

Customer:

Okay. Questions asks: Days rented at fair rental price?

Customer:

and Question asks: Days for personel use during the year?

Customer:

She rented the parcels on Aug 28th. all days before this date during the year she didn't use the land. One parcel has old trailer on it and the other parcel is just land.

Customer:

Plan is to just type 126 days rented and zero days used for personel use.

Stephen G :

So she didn't live there at all

Stephen G :

sounds good to me

Stephen G :

shouldn't matter any way

Stephen G :

questions

Stephen G :
If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Again, please remember to rate my response. Bonuses, where you think they are warranted, and excellent ratings, are always most appreciated. Thanks again for using JustAnswer.com.

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Thanks very much, Steve G.
Customer:

thanks

Stephen G :
If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Again, please remember to rate my response. Bonuses, where you think they are warranted, and excellent ratings, are always most appreciated. Thanks again for using JustAnswer.com.

You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;

Thanks very much, Steve G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4046
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 4 other Tax Specialists are ready to help you

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