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We have 1099 misc income for mineral royalties we own. We do not own the property and we do not have a business. Why do we need to fill out schedule 3e. Thank you
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June 5, 2019
10:45 PM
last updated
June 05, 2019
10:45 PM


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We have 1099 misc income for mineral royalties we own. We do not own the property and we do not have a business. Why do we need to fill out schedule 3e. Thank you
Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.You generally report royalties in Part I of Schedule E (Form 1040).[Form 1099-MISC, Box 2 Royalties]
Specifics for reporting
Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..
IRS required schedule for filing.
June 5, 2019
10:45 PM
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