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HOOSIEREX
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1099 misc royalties was an inheritance from my mother and father. how to approach this on the filing?

 
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2 Replies
MinhT
Expert Alumni

1099 misc royalties was an inheritance from my mother and father. how to approach this on the filing?

Inherited property is not taxable. But income derived from inherited property is taxable. You have to report this royalties income on your tax return.

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1099 misc royalties was an inheritance from my mother and father. how to approach this on the filing?

The problem is, Turbo Tax Deluxe version for claiming the 'source' of Royalty Income has only 2 options:

-- Owner of property

-- Business dealings

Neither of which are applicable to a simple Inheritance from an Estate, so how can I get this Misc Income entered correctly?

 

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