Regardless, it will ask you the property information where these mineral rights are located. You would need to fill out this section even though you do not own the land. What is important in this is;
- As you go through the rental and royalty property information and put an address where the rights are located. Doesn't really need to be too detailed.
- make sure on that screen where you report the location, select this is Royalty income
- Then as you progress through the screens, there will be a question that asks What type of Royalty income is this you will indicate that this is mineral property
- Then the next screen will ask you what the income is. This may be already populated if you have already entered a 1099 MISC.
- Then it will ask you for a depletion amount if you have that information.
- You're finished at this point.
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