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I have a question about royalties I collect from a gas company on vacant land we own. What is the proper way to file the 1099-MISC

 
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I have a question about royalties I collect from a gas company on vacant land we own. What is the proper way to file the 1099-MISC

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..

This will link to your unique named Schedule E.

Then 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.]

.

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view2
New Member

I have a question about royalties I collect from a gas company on vacant land we own. What is the proper way to file the 1099-MISC

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..

This will link to your unique named Schedule E.

Then 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.]

.

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