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We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

these royalties are from an investment.  it's not an actual property nor part of my sched C .  turbo tax is asking me to define it as one or the other.  I do have another house I inherited when mom passed away.  It's not connected to that either.  what do I do ?
1 Best answer

Accepted Solutions
view2
New Member

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

Generally a Royalty Trust goes on Schedule E, with income, admin exp, severance tax, depletion expense. 

 Use the information guidance provided by the Royalty Trust (usually available online from the Royalty Trust).

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..

SAN JUAN BASIN ROYALTY TRUST

(e)Individual Taxpayers. For Unit holders who hold the Units as an investment and who file Form 1040 for 2016, it is suggested that the items of income and deduction computed from the appropriate schedules be reported in the following manner:

Gross Royalty Income

Line 4, Part I, Schedule E

Depletion
Line 18, Part I, Schedule E

Severance Tax
Line 16, Part I, Schedule E

Administration Expense
Line 19, Part I, Schedule E

Interest Income
Line 1, Part I, Schedule B


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5 Replies
view2
New Member

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

Generally a Royalty Trust goes on Schedule E, with income, admin exp, severance tax, depletion expense. 

 Use the information guidance provided by the Royalty Trust (usually available online from the Royalty Trust).

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..

SAN JUAN BASIN ROYALTY TRUST

(e)Individual Taxpayers. For Unit holders who hold the Units as an investment and who file Form 1040 for 2016, it is suggested that the items of income and deduction computed from the appropriate schedules be reported in the following manner:

Gross Royalty Income

Line 4, Part I, Schedule E

Depletion
Line 18, Part I, Schedule E

Severance Tax
Line 16, Part I, Schedule E

Administration Expense
Line 19, Part I, Schedule E

Interest Income
Line 1, Part I, Schedule B


lindarose
Returning Member

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

I have the same situation.  I just edited the form and moved the royalty trust income to Other Income.  The previous answers are garbage, because the authors have no clue what a Petroleum Trust is.  The royalty is not produced through the taxpayers business or job.  It is the result of an investment, usually in the stock market, and needs to be treated as such.  These trusts have been around for a hundred years and Turbotax should get their act together.

lindarose
Returning Member

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

View2:  This is erroneous information and you need to know what you are talking about before misdirecting TT users.

gkmmoore
New Member

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

Thank you so much for your answer, lindarose.  You stated what I was thinking.

We rec'd royalties on 1099-MISC as part of the San Juan Basin Trust. Not part of my sched. C Is it an actual property we have to claim as such ? it has no address

This

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