Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
New Member

Where to report oil and gas royalties

1 Reply
Employee Tax Expert

Where to report oil and gas royalties

It depends.  If the royalties are produced from passive activity (such as, you own land, and someone else drills, but you get paid for the yield), the royalties are reported on Schedule E.  However, if you are responsible for the royalty income (such as you provide the equipment to drill the field and receive royalties for the yield), then you report them on Schedule C.  Either way, TurboTax can assist you to enter this in the correct place.  Please see this FAQ for more information on this:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings