I inherited a "very" small share in some gas wells this year. I was sent a 1099-MISC for the earnings. Box number 2 is filled out with the total amount of royalties of $1200. (No other box has any information filled out). The total of my checks were $1077. At the bottom of the 1099-MISC form the drilling company has printed the following: OWNER DEDUCTIONS $132 and INTEREST $9. I assume I use Schedule E but there is nowhere to report the interest? And do I report the Owner Deduction on line 19. OTHER?
Or am I completely wrong on how to do it? 🤔
Any help would be appreciated. Thanks!
