son just signed deal with cell company , he will receive rent of $100 a month for them to put up a cell tower on his property. So total rental income for the year will be $1200 for the year 2015, and son has no expenses he just owns the land where they are erecting the tower. if son has no other income he will not be required to file a 2015 return, it is not subject to SE , right?
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I agree, Schedule E, if he would file. -
Is son a dependent? If so, he does need to file, because it's more than $1000 (unless that number goes up enough for 2015).Comment
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no, he's not my dependent, lives out of state, and takes IRA distributions (not sure if he will for 2015).Comment
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Sounds like the cell company got a heck of a deal. Cell tower rentals around here are $700 - $800 a month.Comment
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is IRA taxable?? if so than he may have to file as his gain on "rental" exceeds 400.Believe nothing you have not personally researched and verified.Comment
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IRA withdrawal is reported on 1099R. if under filing requirement, not taxable or even reportable.
income of $400 is required for self employment, not rental. gross rental income is required for determining filing requirements, filing requirement for self employed is $400.Comment
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