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posted Jun 6, 2019 2:12:30 AM

I received coal royalties as nominee & got a 1099Misc from the lessor for 100%. I sent 1099misc forms to the other owners. How do I report both the gross & net amounts?

I own about 5% of the property but receive a 1099misc for 100% of the royalties under my SSN because I am payment agent.  I distribute the remaining 95% to the other owners and send them form 1099misc for their share.  The IRS says I need to report both the gross number and show and an adjustment to get the net number that represents my share.  How do I do this in TurboTax?

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1 Best answer
Level 15
Jun 6, 2019 2:12:32 AM

Show the 100% of the 1099Misc for Royalties Income on your return (as IRS matches these documents.  Then take a deduction under "Other: expenses,  and list that person's name(s) and dollar amount(s).  

1 Replies
Level 15
Jun 6, 2019 2:12:32 AM

Show the 100% of the 1099Misc for Royalties Income on your return (as IRS matches these documents.  Then take a deduction under "Other: expenses,  and list that person's name(s) and dollar amount(s).