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Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??

 
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2 Replies
doloresha
Returning Member

Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??

Hi there, this would go on Schedule E.

DianeW777
Expert Alumni

Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??

It depends.  If you receive only royalties and you do not have a working interest in the mineral rights, then this income is reported on Schedule E. You would enter the income as 'Royalties' which does not require self employment tax. Then you can enter your expenses as well. If you are using TurboTax Online and need to upgrade you will be guided to do that.

@bobshowinec 

 

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