You'll need to sign in or create an account to connect with an expert.
To enter the oil royalties, you should:
You will be able to enter the production taxes and other deductions on the Schedule E,
Be sure to go through the interview all the way to the end. There will be a section for expenses.
The expense section (Schedule E) doesn’t specifically have “production taxes” as a selection. Where would it be entered?
The "production taxes" would be entered under the section labeled Real Estate Taxes and Other Taxes. Enter the production taxes under Other Taxes.
From PaulaM:
Here are instructions:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Tiger-Orange
New Member
salichtman
New Member
jrmiller030492
New Member
drmdzh
New Member
HY_AZ
New Member