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Get your taxes done using TurboTax
It depends. If you receive only royalties and you do not have a working interest in the mineral rights, then this income is reported on Schedule E. You would enter the income as 'Royalties' which does not require self employment tax. Then you can enter your expenses as well. If you are using TurboTax Online and need to upgrade you will be guided to do that.
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‎April 2, 2024
6:16 AM