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posted Apr 15, 2023 9:04:52 AM

I have gas royalty income from a property I no longer own but have retained mineral rights. How do I report that?

The closest option for this income is "investment income from property you own" which doesn't really apply and brings up a bunch of questions about expenses on this property.

0 2 689
2 Replies
Level 15
Apr 15, 2023 9:20:52 AM

Schedule e page 1 code for royalties. property type would be code 6

Expert Alumni
Apr 15, 2023 9:30:06 AM

You will report mineral rights, gas, and oil well royalties from Box 2 of Form 1099-MISC in the Wages and Income section. (You will need the Premiere or Self-Employed version of TurboTax for rents or royalties)

 

  1. Scroll down to Rentals, Royalties, and Farm and select Show More
  2. Rental Properties and Royalties (Sch E)  and Start or Revisit
  3. Select Royalty and it will walk you through the entry
     



If the rights are leased and reported in Box 1, then you will need to report it in the Rental section.