DW
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At 15:08 on February 11, 2009,
landownerKathy Morgan said…
I'm going to assume this property is property you are already reporting on the Sch C, if so, that makes it a completely different story. Then other income is right and it should go on your schedule C. You still won't get cap gains rate though.
At 9:06 on February 11, 2009,
landownerKathy Morgan said…
Box 1 is correct. You wouldn't get long term capital gains anyway. Box 7 would tell the IRS you are self-employed in the gas business and they would not only tax the income at your regular rate but they would be looking for social security and medicare taxes as well.