I JUST PAID TO SEE OUR TAX RETURN. WE ARE NOT IN BUSINESS WITH ROYALTY COMPANIES!

Forum|Forum|7 years ago
June 6, 2019
4 replies
34 views

WE GET ROYALTIES FROM OWNING ROYALTY INTEREST IN LAND WHERE OIL AND GAS ARE BEING EXTRACTED

TurboTax Premier Online

Best answer by view2

You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"at the last screen of the 1099-misc section..

Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this] "select "Non business income from the rental of personal property or equipment.

Use a separate schedule for each type payment by selecting the correct link.

rjhill2935Author

Level 2

NO WE HAVE REPORTED ROYALTIES FOR YEARS! YOUR ANSWER DID NOT HELP. YOU MESSED UP MY RETURN WITH BUSINESS CRAP!

rjhill2935Author

Level 2

yOU HAVE TO RE-DO MY RETURN. IF YOUR QUESTION SESSION WERE SET UP TO FOLLOW THE FORM WE WOULD HAVE LESS TROUBLE REACHING AN END REPORT

Level 8

Your ire is misdirected, I am a user just like you and was only trying to help.

This is a public forum use the link below for your solution.

You should contact TurboTax,

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