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cotte4313
New Member

I have inherited an oil well from my grandpa after he passed away. I have a 1099-MISC for 28.15 and pay severed mineral taxes of 30.78 and 34.02. not a rental property

 
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1 Reply
KrisD15
Employee Tax Expert

I have inherited an oil well from my grandpa after he passed away. I have a 1099-MISC for 28.15 and pay severed mineral taxes of 30.78 and 34.02. not a rental property

Royalties are reported on Schedule E similar to rentals. 

 

Enter the 1099-MISC and link to Schedule E or set-up the royalty on schedule E and enter the 1099-MISC directly in that section.  

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