topic Schedule E in Investors & landlords

Schedule E

waeapj — Fri, 21 Feb 2020 03:01:25 GMT

I have gas royalties and rental income on the same property. Last year I had a CPA file my taxes and the schedule E shows the rent and the royalty on the Schedule E. I'm getting an error message in my analysis saying I can't have the same address for the rental income and the royalty. Why could the CPA file this way and Turbo tax won't let me.

Re: Schedule E

ThomasM125 — Fri, 21 Feb 2020 03:18:33 GMT

You need to make two entries. One for the Rental income and one for the Royalty income. So, you will end up with one schedule E, but two separate entries on it. If you look at your schedule E from last year, you will see one schedule but two separate columns on it.

So, set up one property for the rental. Then do an entirely separate property for the royalty. They can have the same address if you do it this way.

Re: Schedule E

waeapj — Fri, 21 Feb 2020 03:43:52 GMT

Thanks for the response. I did make a separate 1099- Misc for the income on the rental and it's expenses and the income on the royalty. On the schedule E is shows an A and B column showing the two different entries with the itemized expenses. But then, the Schedule E worksheet shows red on the rent income. Saying Income on rental real estate and income from royalties must be reported as separate properties on Schedule E." Can I still file even if the system is flagging this?

Re: Schedule E

Anonymous — Fri, 21 Feb 2020 03:55:23 GMT

royalties go in its own column and you do not need an address

Re: Schedule E

ThomasM125 — Fri, 21 Feb 2020 04:01:55 GMT

I just did an entry like you described and didn't have any trouble. You may need to delete the rental entry and re-enter it. Something must be in the wrong place, if you delete and re-enter that may resolve the issue.

Re: e filing

Linatrace — Sat, 25 Apr 2020 17:38:08 GMT

I want to e file my return and now I have the AGI from last year How do I get back to correct area

Re: e filing

VolvoGirl — Sat, 25 Apr 2020 17:40:04 GMT

How to correct the AGI in the Online version

https://ttlc.intuit.com/community/agi/help/where-do-i-correct-my-agi-in-turbotax-online/00/26311

Re: Schedule E

list business mileage for rental — Tue, 12 Oct 2021 00:53:30 GMT

I had this same issue and am unable to fix it. And it keeps me from being able to e-file.

It also fluctuates back and forth about days rented and days for personal use. First it says days rented should not be entered since its a royalty payment, so I remove it. Then it says you should include days for personal use, so I put 0. Then it tells you to do just the opposite.

Re: Schedule E

DoninGA — Tue, 12 Oct 2021 01:01:38 GMT

@list business mileage for rental wrote:

I had this same issue and am unable to fix it. And it keeps me from being able to e-file.

It also fluctuates back and forth about days rented and days for personal use. First it says days rented should not be entered since its a royalty payment, so I remove it. Then it says you should include days for personal use, so I put 0. Then it tells you to do just the opposite.

Go back and make sure that you selected Royalty Property and NOT Rental Property.

If it still askes for day rented do not enter anything for day rented or personal use and continue.