ScheduleE 1099-Misc Aqyre

[GOLDWING1945]

I have finished entering all my 1099-Misc forms.

I have 2 Royalty 1099-Misc forms They are Oasis Petroleum Inc and Liberty Resources.

I have a 3rd oil income.  It is from AQYRE  Energy LLC and it is listed in Box 1 of their 1099-Misc form as "Rents"  This one is an oil lease not a royality.  The  paperwork from the above 3 companies agress in what entered in Turbo Tax.

I have done all my paperwork in Turbo Tax but at end review it is telling  me Schdule E is  not done because "income from Rental real estate and income from royalities must be reported as separate properties in Schedule E"

I have tried to fix this but it is not working.  Please help me fix this.

AQYRE is a oil lease not a royality income.

Lou <removed> [phone number removed]

[JohnB5677]

The Oil lease is the one that's throwing you off.  You'll have to post it as rental income.

[Carl]

AQYRE Energy LLC and it is listed in Box 1 of their 1099-Misc form as "Rents" This one is an oil lease not a royality.

Apparently you own the real estate the company is using for whatever they're using it for, and they are paying you rent for the use of the real estate property you own. Therefore it gets' reported on SCH E separately from the royalty income. It is "in fact" rental income, and not royalty income. The property will be classified as rental real estate. If you are renting out raw land to them, then the amount you enter in the COST box will be what you paid for that raw land, and what you enter in the COST OF LAND box will be exactly the same amount as entered in the COST box. This is because land is not depreicated.

If there is a structure of some type on that land that "you" own and you are renting out the structure to them, that changes things.