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Clark40
New Member

Re: oil and gas royalties Where are "production taxes" expense entered on TT?

 
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3 Replies
JohnB5677
Expert Alumni

Re: oil and gas royalties Where are "production taxes" expense entered on TT?

To enter the oil royalties, you should:

  1. Go to Income & Expenses at the top of the screen
  2. Find Rental Properties and Royalties (Sch E) Schedule E, Copy 1 
  3. Select Start to the right of the line and answer the questions asked.

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.

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Clark40
New Member

Re: oil and gas royalties Where are "production taxes" expense entered on TT?

The expense section (Schedule E) doesn’t specifically have “production taxes” as a selection. Where would it be entered?

PattiF
Expert Alumni

Re: oil and gas royalties Where are "production taxes" expense entered on TT?

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:

  1. After entering the initial royalty information, enter the taxes paid on the page, Enter Your Royalty Information.
  2. Mark the box if your form had the taxes withheld on the 1099-MISC form (Boxes 4 or 16) or if noted on check stub.
  3. Continue to next page to enter depletion (15% of gross), then select More Expenses.
  4. Continue until you reach the summary page where you can enter the taxes (if not listed in box 4) and other deductions as a misc. expense. 

 

 

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