You'll need to sign in or create an account to connect with an expert.
No, not if this income was reported on Form 1099-MISC as "Rents" in Box 1. This amount is reported on Schedule E as Rental Income, not Royalties.
If you also have Royalty Income for the same property, you can't report both rental income and royalty income under the same property on Schedule E.
To resolve this, enter two separate properties (activities).
After you've completed the information for the rental activity (mark as "Rental"), add the royalty property. You can keep the same address, but enter a different property description and be sure to mark this as "Royalty". See screenshot below (click to enlarge).
No, not if this income was reported on Form 1099-MISC as "Rents" in Box 1. This amount is reported on Schedule E as Rental Income, not Royalties.
If you also have Royalty Income for the same property, you can't report both rental income and royalty income under the same property on Schedule E.
To resolve this, enter two separate properties (activities).
After you've completed the information for the rental activity (mark as "Rental"), add the royalty property. You can keep the same address, but enter a different property description and be sure to mark this as "Royalty". See screenshot below (click to enlarge).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxquestionasker85
Level 1
tmorton884
New Member
inaffitsevaer77
New Member
bert-vaccari
New Member
roalddahl14
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.