topic How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset. in Investors & landlords

How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

swadesign — Thu, 06 Jun 2019 09:20:01 GMT

Use a separate schedule for each type payment by selectin...

view2 — Thu, 06 Jun 2019 09:20:03 GMT

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

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.]

Screen.>>>>Is this a Rental Property or Royalty

On this screen you must identify correctly the type of Rental or Royalty Activity Identification

Select royalty Property or payment.[absolutely crucial for royalty payment

Your solution prompted an idea. First, I removed the roya...

swadesign — Thu, 06 Jun 2019 09:20:06 GMT

Your solution prompted an idea. First, I removed the royalty payment from income, since Turbo Tax kept auto-placing it to the rental property (even though I had created two assets). Second, I went into the second asset, created for the royalty payments, and added the royalty payment within the second asset. Rental and royalty are now separate. Thanks.

Your welcome.

view2 — Thu, 06 Jun 2019 09:20:07 GMT

Your welcome.