How do I fill out TurboTax input to generate Property info on Schedule E, Part 1,1a, A B C, etc.? Why does TurboTax always leave these spaces "blank"?

[STV01]

I have payor per Form 1099 MISC and I have oil and gas well name. But, I can't get any "words" to appear at "A  B  C" property ID on Schedule E.

[Anonymous_ · Accepted solution]

If it is relevant, those lines are for the addresses of the properties.

[STV01]

I cannot see 2022 yet. But, I see the same problem every year. I identify the payor as Exxon, let's say from the Form 1099-MISC. Then, I fill out the address as "XYZ well" in OK, OK on the Schedule E input to TurboTax.  TurboTax accepts the info and the dollar figures are correct. 

But, on the TurboTax generated Form 1040, Schedule E, Neither Exxon or XYZ well appear in Part I, 1a A  B  C. The space is simply blank. The "royalty earned" and related expenses are exactly correct. But, the dollars are not associated with any well or payor.  "A" is blank with a net income of $100. "B" is blank with a net income of $200. "C" is blank with a net income of $150. 

I want it to say "A" XYZ well in OK, OK with a net income of $100. "B" s/b ABC well in Garvin, OK with a net income of $200. etc.

Every year, I file the income tax return through TurboTax. The income and taxes are correct. But after I file,  Schedule E Part I 1a, A  B  C are always blank with no words. Every year, I try to figure out how to get words into that A  B  C. But, I fail.

[Anonymous_]

See https://www.irs.gov/instructions/i1040se#en_US_2022_publink24332td0e892

Line 1a

For rental real estate property only, show the street address, city or town, state, and ZIP code. If the property is located in a foreign country, enter the city, province or state, country, and postal code.

[STV01]

I don't know how to make myself clearer. I will call the ROYALTY  as "Exxon XYZ well in OK county, OK". I input all the info on the TurboTax forms, including the above physical address. When I print out Schedule E, NOTHING appears in Part I line 1a, A.  It is blank......... Why doesn't "Exxon XYZ well in OK county, OK " appear in Part I line 1a, A?  I want to know how to tell TurboTax to put "Exxon XYZ (etc.)" in Pat I line 1a A. My TurboTax inputting will NOT input the physical address. WHY? 

[Anonymous_]

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@STV01 wrote:

My TurboTax inputting will NOT input the physical address. WHY? 

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Did you read my post (above)?

If you are referring to the lines in the screenshot below, they are for rental real estate property only.

[DoninGA · Accepted solution]

@STV01 The IRS does not require an address on Schedule E for a royalty property.

As previously stated -

Go to the the IRS website for Schedule E information page 5 for Line 1a - https://www.irs.gov/pub/irs-pdf/i1040se.pdf#page=5

Line 1a
For rental real estate property only, show the street address, city or town, state, and ZIP code.

[STV01]

I will accept your answer as I have no other answer.  Part I says "Income or loss from rental real estate and ROYALTIES".  Thus, Schedule E keeps the physical location of my (oil and gas) ROYALTY a secret. This is even though the TurboTax input asks me to tell the physical location.      I tell TurboTax the physical location of my ROYALTY and TurboTax does NOT tell Schedule E or the IRS.    Okay, I guess.

[Anonymous_ · Accepted solution]

@STV01 

Again, the following is taken directly from the IRS instructions for Schedule E:

Line 1a

For rental real estate property only, show the street address, city or town, state, and ZIP code. 

[STV01]

Okay, thanks. I did not read the instructions to Schedule E.  They want the physical location of a rental property but not a royalty.  It just looks funny that I have royalty income, depletion, severance taxes and other expenses on a nameless royalty interest.

[Carl]

When it comes to taxes, rental income and royalty income are two physically separate activities, and each is reported in it's own right on SCH E. For example, the rental related stuff will be in column A and the royalty stuff will be in column B. Even if you receive a 1099-MISC with both the rental and royalty income on it. You enter it in the program "as if" you received a physically separate 1099-MISC for each.

While they do require a physical address for rental income, it is not necessary for royalty income.

Is this a case where for example, an oil drilling company is renting raw land you own to drill on, and also paying you royalty for the oil they get? If so, its perfectly possible that raw land does not have a physical "address" listed with the post office. In such a case, there's a number of things you can do to satisfy the address requirement. But what you do, depends on the details of your specific situation.