topic Why is there a Schedule E Worksheet that indicates I own property that generates royalties when I don't? in State tax filing

Why is there a Schedule E Worksheet that indicates I own property that generates royalties when I don't?

sdbenj61 — Mon, 17 Feb 2025 00:58:05 GMT

For my personal taxes, I get a K-1 from my S Corp to report my ordinary business income. My issue is that, for some reason, Turbo Tax also thinks I have royalties from property I own, but I don't own any property that would be reported on K-1. (The only property I own is my house.) There is a Sch E Worksheet that states "Property Description: From Schedule K-1" and then Property Type: 6, and the property Location lists the address of my S Corp (which is a UPS store PO box). This form was also on Turbo Tax when I did my 2023 taxes but I never noticed that before. How do I get rid of this information?

Re: Why is there a Schedule E Worksheet that indicates I own property that generates royalties wh...

DawnC — Mon, 17 Feb 2025 01:24:12 GMT

Your K-1 gets reported on Schedule E. It should be there, don't delete it. See Part ll of Schedule E - for Income or Loss from Partnerships and S-corps. You should see Schedule E, p2 in your forms list.

If you have information listed in Part l of Schedule E, that is coming from a rental or royalty property. To remove it, search for rentals and use the Jump to rental link. Go ahead and answer Yes (even if you don't have royalties) on the first screen, and then none of the above on the next screen.

If you have rental or royalty properties listed, you will see a summary of them on this screen. Review the information and delete any information that does not belong.

Re: Why is there a Schedule E Worksheet that indicates I own property that generates royalties wh...

BoomerLaughs — Fri, 21 Feb 2025 12:10:47 GMT

Thank you for this! Excellent answer (great question, too!).