I receive an oil royalty reported on a 1099-misc form and am trying to determine if I qualify for the 20% QBI deduction. The amount is reported in box 2.
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I receive an oil royalty reported on a 1099-misc form and am trying to determine if I qualify for the 20% QBI deduction. The amount is reported in box 2.
I receive an oil royalty reported on a 1099-misc form and am trying to determine if I qualify for the 20% QBI deduction. The amount is reported in box 2.
A royalty such as this is passive income. You were not perssonally involved in the extraction.
Although the TCJA doesn’t list it as excluded investment-type income, it’s reasonable to conclude that mineral royalty income is excluded from section 199A, given its classification as investment-type income in other parts of the code.
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