You'll need to sign in or create an account to connect with an expert.
You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.
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..
Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this] "select "Non business income from the rental of personal property or equipment.
Use a separate schedule for each type payment by selecting the correct link.
You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.
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..
Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this] "select "Non business income from the rental of personal property or equipment.
Use a separate schedule for each type payment by selecting the correct link.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxpreparer101k1
New Member
David2024
Level 2
MrZeppo92
Returning Member
incometaxstar
New Member
mclayton
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.