I recieved a $19 rotality from a gas well and recieved a 1099-misc. Do I really need to file tax forms E or C? This really isn't a business for me. I am taking standard deductions.
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I'm sorry, but yes...you do have to report the income on your tax return. A copy of the 1099-MISC is sent to the IRS, so they'll be looking for it on your return.
To enter this 1099-MISC, use the instructions I'm linking below.
How do I enter a 1099-MISC for royalty income?
Yes, you will file a schedule E to report the Royalty payment since it is over $10.
In the "Wages & Income" tab
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