My 1099 brokerage statement has a "Fees and Expenses" section at the end, pertaining to a gas and oil royalty reported on the 1099misc. Is this tax deductible?
The same figures are reported under "Reconciliations, Fees, Expenses, and Expenditures" Can I deduct "Total Admistrative Expense" from "Total Misc. Income"?
011590
1 Replies
ErnieS0
Expert Alumni
Mar 19, 2023 8:46:55 AM
Yes. You can claim expenses related to natural gas and oil royalties. TurboTax will automatically compute your depletion allowance. However, you can add other expenses.
Type royalties in Search (magnifying glass) in the top right corner
Jump to royalties
On "Your 2022 rentals and royalties summary:" edit your royalties
You will eventually see a screen "What additional expenses and assets did you have for Texas oil royalty?