Two Oil Company Royalties on the same property.

Forum|Forum|7 months ago
February 4, 2026
1 reply
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I received two 1099-Misc for oil royalties for the same property. The first company was purchased by a second company so about half of the income was provided by one and the second half provide by the second company. I entered both 1099-misc, each under its company name, but how do I enter the depreciation, taxes and deductions? Are these items combined together on one Schedule E or is a separate Schedule E need to be filled out for each company's 1099-misc? Turbotax Deluxe seems to want the depreciation, taxes and deductions combined on the schedule E.

Thanks for your help on this topic.

DianeW777

Alumni - Intuit

No, you do not need two Schedule Es for depreciation. You can enter or update assets in only one royalty property and the income will be offset in total by these expenses. The tax affect will be the same.

A second option now or in the future is to eliminate entry of the 1099-MISCs all together and simply combine the income on your royalty property. The IRS has copies and they are not required to be filed with your tax return. The right way to do it is they way you choose.

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