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swadesign
New Member

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

 
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view2
New Member

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

Use a separate schedule for each type payment by selecting the correct link.

 Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses"  radio button generally on depletion screen.]

Screen.>>>>Is this a Rental Property or Royalty 

On this screen you must identify correctly  the type of Rental or Royalty Activity Identification

Select  royalty Property or payment.[absolutely crucial for royalty payment

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3 Replies
view2
New Member

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

Use a separate schedule for each type payment by selecting the correct link.

 Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses"  radio button generally on depletion screen.]

Screen.>>>>Is this a Rental Property or Royalty 

On this screen you must identify correctly  the type of Rental or Royalty Activity Identification

Select  royalty Property or payment.[absolutely crucial for royalty payment

swadesign
New Member

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

Your solution prompted an idea. First, I removed the royalty payment from income, since Turbo Tax kept auto-placing it to the rental property (even though I had created two assets). Second, I went into the second asset, created for the royalty payments, and added the royalty payment within the second asset. Rental and royalty are now separate. Thanks.
view2
New Member

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

Your welcome.
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