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Will TT fix the interview related to 1099-MISC? It is wrong to require a schedule C. For mineral rights, use sched E and then handle the tax & supplies calculations.
Last year I had an accountant do my taxes so I see how they were handled for the 1099-MISC. I'm not sure (yet) how the tax & supplies for the mineral rights were calculated on the schedule E. But if I fill out the schedule and also the interview with the 1099-MISC, it adds the income from the mineral rights twice and then requires a schedule C
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Will TT fix the interview related to 1099-MISC? It is wrong to require a schedule C. For mineral rights, use sched E and then handle the tax & supplies calculations.
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Will TT fix the interview related to 1099-MISC? It is wrong to require a schedule C. For mineral rights, use sched E and then handle the tax & supplies calculations.
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Will TT fix the interview related to 1099-MISC? It is wrong to require a schedule C. For mineral rights, use sched E and then handle the tax & supplies calculations.
If you enter your 1099-MISC with royalty income in box 2 in the Rental Properties and Royalties section, see images attached, the income will go to Schedule E. Once the property is set up, you can add income (from 1099) or expenses.
If you enter the 1099-MISC in the Other Common Income section and indicate income in Box 2, you will be prompted to set up your royalty property on Schedule E also.
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