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baker-a-lauren
New Member

Where to report oil and gas royalties

 
1 Reply
DanielV01
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:  https://ttlc.intuit.com/replies/4792182

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