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moo34
Returning Member

This royalty income is from inherited rights to royalties for oil exploration. I do not have a business, rental or otherwise. I do nothing for this income. I just want to know what box to check.

 
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Accepted Solutions
ToddL
New Member

This royalty income is from inherited rights to royalties for oil exploration. I do not have a business, rental or otherwise. I do nothing for this income. I just want to know what box to check.

Enter the 1099-MISC "Oil and gas" royalty  income in the Rental Properties and Royalties (Sch E) interview found under the  Federal Taxes  > Wages and Income >  Rental Properties and Royalties. 

In the first interview screen that asks for information on the 1099-MISC (" Is this a Rental Property or Royalty?") , you must  check  "Royalty property or payment". 

Answer to the succeeding interview questions will depend on the type of royalty payment you received. Please update this answer with a Comment if you encounter further questions.

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1 Reply
ToddL
New Member

This royalty income is from inherited rights to royalties for oil exploration. I do not have a business, rental or otherwise. I do nothing for this income. I just want to know what box to check.

Enter the 1099-MISC "Oil and gas" royalty  income in the Rental Properties and Royalties (Sch E) interview found under the  Federal Taxes  > Wages and Income >  Rental Properties and Royalties. 

In the first interview screen that asks for information on the 1099-MISC (" Is this a Rental Property or Royalty?") , you must  check  "Royalty property or payment". 

Answer to the succeeding interview questions will depend on the type of royalty payment you received. Please update this answer with a Comment if you encounter further questions.

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