Box 2 on 1099-MISC for Gas Royalties total is $598.88, but "Other Revenue Deductions" = $495.23. How can I deduct the $495.23? Do I owe tax on entire box 2 amount?

liongirls2 — Thu, 06 Jun 2019 00:25:38 GMT

The Internal Revenue Service (IRS) requires gross royalti...

view2 — Thu, 06 Jun 2019 00:25:40 GMT

The Internal Revenue Service (IRS) requires gross royalties amount input in Box 2 of the 1099-MISC. There is a tax return Schedule E available from the IRS for Royalties where you can list your deductions and taxes to reach your net taxable value,

Then,Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses" radio button generally on depletion screen.]

topic Box 2 on 1099-MISC for Gas Royalties total is $598.88, but "Other Revenue Deductions" = $495.23. How can I deduct the $495.23? Do I owe tax on entire box 2 amount? in Investors & landlords

Box 2 on 1099-MISC for Gas Royalties total is $598.88, but "Other Revenue Deductions" = $495.23. How can I deduct the $495.23? Do I owe tax on entire box 2 amount?

The Internal Revenue Service (IRS) requires gross royalti...