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Investors & landlords
Contrary to popular belief, according to this link from Turbo Tax, "if you receive a
1099-MISC is reflected in Box 2 it will be reported on Schedule E with your Tax Return. Per the IRS: Royalties from copyrights, patents, and oil, gas, and mineral properties are taxable as ordinary income." If there is an amount listed in Box 7, then this income would need to be reported on a Schedule C.
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‎February 16, 2021
11:23 AM