Voted Best Answer
May 17, 2021 - 03:28 AM
Hello- and thank you for posing this question.
First, one caveat to the following answer. I am not a CPA and am not qualified to provide tax advice. So please take the following as general observations of what I have seen.
Generally, cell tower rent is no different from any other rent you would receive and would be treated as income for federal and state tax purposes. Whether you are involved or not in the operation of the equipment is immaterial. If someone else leased your property to build a commercial store, you would not be involved at all with that- but you would have to pay income tax on the rental income. This would be offset by any costs you incur in leasing the property. The same would occur with the cell tower lease- but it is unlikely that most landowners have any costs affiliated with a leasing space for a cell tower.
In terms of finding a CPA- I doubt you need a special CPA. I can't recall any of our clients needing a special CPA to address the income tax question. So your regular CPA should be fine.