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Level 1
posted Jun 5, 2019 3:23:37 PM

On the 1099-Misc -oil royalties I received, do I show the amount of taxes if in a non numbered box in the Other Taxes? On monthly reports shown as Owner's Taxes?

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1 Best answer
Level 2
Jun 5, 2019 3:23:38 PM

Yes, if you know the amount shown is for taxes on your royalties and they were included in your Gross Royalty income, then you may deduct them as Other Taxes.

2 Replies
Level 2
Jun 5, 2019 3:23:38 PM

Yes, if you know the amount shown is for taxes on your royalties and they were included in your Gross Royalty income, then you may deduct them as Other Taxes.

Level 1
Jun 5, 2019 3:23:39 PM

Thank you for your help.