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Yes, income from oil/gas leases is reported on Schedule E (Rental Properties & Royalties), even if you do not own the property.
To easily find this area of TurboTax, use the Search box at the top right corner of the TurboTax header and enter "schedule e". Click on the "jump to schedule e" link to be taken directly to this area of the program.Yes, income from oil/gas leases is reported on Schedule E (Rental Properties & Royalties), even if you do not own the property.
To easily find this area of TurboTax, use the Search box at the top right corner of the TurboTax header and enter "schedule e". Click on the "jump to schedule e" link to be taken directly to this area of the program.I have this same question. Received 1099 with royalty marked and also 2 others with rent marked. If I stay with rent it takes me to a schedule C Not sure what to do.
Form 1099-MISC would be directed to a Schedule C if the question is answered that the rent was of personal property or equipment or that the royalty income is from your business, including artist royalties or operating a natural resources business. In such cases, the income would be subject to self-employment tax.
Rental and royalty income are typically reported on Schedule E and is generally not subject to self-employment tax.
The QBI deduction may be available for both schedules.
For more information, see:
Where do I enter income and expenses from a rental property?
What is the Qualified Business Income (QBI) deduction?
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