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Sold my Overriding Royalty Interst in an oil and gas mine this year. I didn't receive a tax document from them, just a check. How do I report the income from the sale?

 
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KarenM90
Intuit Alumni

Sold my Overriding Royalty Interst in an oil and gas mine this year. I didn't receive a tax document from them, just a check. How do I report the income from the sale?

You can enter it into TurboTax, under Income & Expenses, scroll down to Investment Income, Choose Stocks, Mutual Funds, Bonds, Other, and answer that you do not have a 1099B and follow the onscreen prompts to enter the check amount as Proceeds, and your cost basis of the Royalty Interest.

 

However, I strongly recommend that you contact the Entity and confirm that there was no other 1099 or similar reporting to the IRS and confirm the amount of the gross proceeds,  just to avoid any future letters from IRS.

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