I (seller) was in a contract to sell some land. The prospective buyer paid me to extend the closing date twice, and he was finally found to be in default by the title company, so I received the earnest money, too. What form do I use to report this income on my tax return? (No Sale)

2)I received rent for some farmland. (The tenant knew it was for sale when he leased it) The farmland sold and I returned the prorated amount of the lease money back to him. How do I report this on my tax return?

These two questions are not connected (two separate pieces of land I inherited)

Thank-you!

Isen

I (seller) was in a contract to sell some land. The prospective buyer paid me to extend the closing date twice, and he was finally found to be in default by the title company, so I received the earnest money, too. What form do I use to report this income on my tax return? (No Sale)=====>>>>>>>>I guess you need to report it as other income on 1040 line21.

2)I received rent for some farmland. (The tenant knew it was for sale when he leased it) The farmland sold and I returned the prorated amount of the lease money back to him. How do I report this on my tax return?=====>>>>>>>>I guess it depends; if you receive cash rent income from farm land that you rent out, enter the 1099-MISC and all your expenses in Rentals and Royalties, schedule E. Enter all your expenses of producing this incomeon sch E to deduct them. However,income received for paturing someone else’s livestock and assuming the responsibility for providing water and salt to animals is other income of sch F;if the pasture land is merely rented and no serives are provided the income needs to be reported on Sch E.