turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
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.]

.

View solution in original post

1 Reply
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.]

.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies