@ksj10506 Because it appears that you inherited, and later sold, oil, gas, and mineral interests, (hereinafter referred to as "property") this response will address how to enter your sales proceeds. If you inherited something else, such as a rental property, a home, or investments (i.e., stocks, bonds, mutual funds, etc.), post additional information explaining the nature of your inheritance. As a reminder, whenever posting additional information, do not include personal identifiable information.
You mentioned that you received a 1099-Misc with an amount in Box 3, Other Income. Because it appears that the amount you received represents the sale proceeds from the sale of inherited property, you need to determine your basis, or cost, for the property that was sold. Unfortunately, your 1099-Misc does not tell you what your basis is. If it did, you would be able to determine whether you have a capital gain or capital loss. Thus, determining the basis for the property sold is important.
Because you inherited this property, the basis of inherited property is generally determined as of the date of death of the decedent. If there is an Executor/Administrator for the estate of the decedent, you can ask that person whether they have a value for the property you inherited. The Executor/Administrator generally will value the assets of the estate as of the date of death of the decedent; however, the Executor/Administrator does have the option to use a different date (referred to as an alternate valuation date) if such different date is better for the estate/beneficiaries. But that is something you need to verify with the Executor.
When you have your basis, then enter your basis information and sales proceeds in the Investment Income section of TurboTax. Select the category Stocks, Mutual Funds, Bonds, because it appears you sold a capital asset, and answer the questions accordingly. You will see a page where you will be able to enter your basis, sales proceeds, date of sale, etc. Continue to the end of the section.
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