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homerov
New Member

Where to input info for one property which draws lease income (hunting and pasture) as well as royalty income?

I royalty income is on Schedule E, but seems to me the lease income should go somewhere, but this stream of income has common expenses e.g. taxes?
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Accepted Solutions
DawnC0
Intuit Alumni

Where to input info for one property which draws lease income (hunting and pasture) as well as royalty income?

Income on Form 1099-MISC for both mineral lease rent and mineral rights royalties are reported on Schedule E. Unfortunately, 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"), enter any lease/rent related expenses, then add the royalty property. You can keep the same address, but enter a different property description and be sure to mark this as "Royalty".    

 

Follow the interview process to enter your Royalty Property, along with any income reported on Form 1099-MISC and the property taxes you paid.  Note that if your 1099-MISC includes "other deductions" (example: production taxes), enter these under "More Expenses" in the extended interview.   You can also enter things like production taxes, mineral property taxes, production costs, depletion, etc. after you enter the income.  

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1 Reply
DawnC0
Intuit Alumni

Where to input info for one property which draws lease income (hunting and pasture) as well as royalty income?

Income on Form 1099-MISC for both mineral lease rent and mineral rights royalties are reported on Schedule E. Unfortunately, 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"), enter any lease/rent related expenses, then add the royalty property. You can keep the same address, but enter a different property description and be sure to mark this as "Royalty".    

 

Follow the interview process to enter your Royalty Property, along with any income reported on Form 1099-MISC and the property taxes you paid.  Note that if your 1099-MISC includes "other deductions" (example: production taxes), enter these under "More Expenses" in the extended interview.   You can also enter things like production taxes, mineral property taxes, production costs, depletion, etc. after you enter the income.  

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