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Schedule E has two type of income. Rental refers to having a home that you rent to others for profit. You can deduct the miles you drive when going to check on the property or to a hardware store for example.
Royalties are from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. The royalties are based on units, such as barrels, tons, etc., and are paid to you by a person or company that leases the property from you. Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time. Royalties generally are based on the number of units sold, such as the number of books, tickets to a performance, or machines sold.
If there is any vehicle expenses involved in producing this income, they are also deductible.
Schedule E has two type of income. Rental refers to having a home that you rent to others for profit. You can deduct the miles you drive when going to check on the property or to a hardware store for example.
Royalties are from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property. The royalties are based on units, such as barrels, tons, etc., and are paid to you by a person or company that leases the property from you. Royalties from copyrights on literary, musical, or artistic works, and similar property, or from patents on inventions, are amounts paid to you for the right to use your work over a specified period of time. Royalties generally are based on the number of units sold, such as the number of books, tickets to a performance, or machines sold.
If there is any vehicle expenses involved in producing this income, they are also deductible.
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