Updated October 17, 2026. Quick answer: Lines 8l to 8p of Schedule 1 cover personal property rental income, the value of Olympic and Paralympic medals, two foreign corporation inclusions and a Form 461 adjustment. Each is carried from your own records or from the named form, such as Forms 5471, 8992 and 461.
What lines 8l to 8p ask for
On Schedule 1 (Form 1040) the captions read “Income from the rental of personal property if you engaged in the rental for profit but were not in the business of renting such property”, “Olympic and Paralympic medals and USOC prize money”, “Section 951(a) inclusion”, “Section 951A(a) inclusion” and “Section 461(l) excess business loss adjustment”. They are lines 8l, 8m, 8n, 8o and 8p.
Line 8l: personal property rental
The instruction for line 8l repeats the caption and adds a pointer: “Also see the instructions for line 24b, later.” Line 24b is the matching deduction, and its instruction reads “Enter the deductible expenses related to income reported on line 8l from the rental of personal property you engaged in for profit but were not in the business of renting such property.” So the rental income goes on line 8l and the related expenses go on line 24b. See line 24 other adjustments for that side.
Line 8m: Olympic and Paralympic medals and prize money
The instructions begin with the general rule: “The value of Olympic and Paralympic medals and the amount of United States Olympic Committee (USOC) prize money you receive on account of your participation in the Olympic or Paralympic Games may be nontaxable.” They also say where the amount is reported: “These amounts should be reported to you in box 3 of Form 1099-MISC.” The test comes next: “To see if these amounts are nontaxable, first figure your adjusted gross income, including the amount of your medals and prize money.”
The instructions then state the rule that applies: “If your adjusted gross income is not more than $1,000,000 ($500,000 if married filing separately), these amounts are nontaxable and you should include the amount in box 3 of Form 1099-MISC on line 8m, then subtract it by including it on line 24c.” Line 24c is captioned “Nontaxable amount of the value of Olympic and Paralympic medals and USOC prize money reported on line 8m”. For the statement itself, see the page on 1099-MISC box 3.
Lines 8n and 8o: foreign corporation inclusions
For line 8n the instructions explain: “Section 951 generally requires that a U.S. shareholder of a controlled foreign corporation include in income its pro rata share of the corporation’s subpart F income and its amount determined under section 956.” They give the entry rule: “Enter on line 8n the sum of any amounts reported on lines 1a through 1h and line 2 of your Forms 5471, Schedule(s) I.” The form behind that is on the Form 5471 page.
For line 8o they explain: “Section 951A generally requires that a U.S. shareholder of a controlled foreign corporation include in income its global intangible” low-taxed income (GILTI). The entry rule is “Enter on line 8o from your Forms 8992 the sum of any amounts reported on Part II, line 5.” followed by “Remember to attach copies of your Forms 8992.”
A caution applies to both lines: “If you made a section 962 election and have an income inclusion under section 951 or 951A, do not report that income on line 8n or 8o, as applicable.”
Line 8p: Form 461 adjustment
The instruction for line 8p reads “Enter the amount of your excess business loss from Form 461, line 16.” The caption calls it a “Section 461(l) excess business loss adjustment”.
Where the number comes from
Line 8l comes from your records of the rental. Line 8m comes from box 3 of Form 1099-MISC. Line 8n comes from your Forms 5471, Schedule(s) I, line 8o from your Forms 8992, Part II, line 5, and line 8p from Form 461, line 16.
Where it goes next
Lines 8l to 8p are added to the rest of the other income entries. The schedule then totals the other income lines. The caption for line 9 reads “Total other income. Add lines 8a through 8z.”. Line 10 then combines the pieces: “Combine lines 1 through 7 and 9. This is your additional income.” The same caption tells you where the result goes: “Enter here and on Form 1040, 1040-SR, or 1040-NR, line 8”. The two totals are explained on the page for lines 9 and 10.
Edition and line numbers
This page reads the 2025 Schedule 1 and the 2025 Form 1040 instructions, the current files irs.gov served on 2026-10-17. They are the forms for the tax year 2025 return, filed in 2026. The schedule’s heading reads “Attach to Form 1040, 1040-SR, or 1040-NR.” Check the tax year printed on the schedule in front of you and use the line numbers on that year’s schedule, because a different year’s schedule can number or word its lines differently.
Common mistakes
- Entering rental expenses on line 8l. The expenses belong on line 24b, because the instruction says to “Enter the deductible expenses related to income reported on line 8l”.
- Entering Olympic prize money on line 8m and stopping there. The instruction says to “include the amount in box 3 of Form 1099-MISC on line 8m, then subtract it by including it on line 24c” when the stated condition is met.
- Reporting a section 962 election inclusion on line 8n or 8o. The instruction says “do not report that income on line 8n or 8o, as applicable”.
Related: Form 5471, 1099-MISC box 3, Form 1099-MISC, and Schedule 1 (Form 1040).
Sources
- Instructions for Form 1040 and Form 1040-SR (2025): https://www.irs.gov/pub/irs-pdf/i1040gi.pdf
- Schedule 1 (Form 1040), Additional Income and Adjustments to Income (2025): https://www.irs.gov/pub/irs-pdf/f1040s1.pdf
Read from the IRS documents linked above on October 17, 2026. General information, not tax advice. Your own facts decide the outcome, and a preparer, the account provider or the IRS is the right place to confirm anything consequential.