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Level 1
posted Apr 18, 2023 12:31:35 PM

Oil & Gas Royalties - Income & Expenses

I received a 1099-MISC for oil and gas royalties produced from my personal residential property and am completing Schedule E.  May I report my mortgage interest and personal property tax as royalty expenses?

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1 Replies
Expert Alumni
Apr 18, 2023 12:42:32 PM

No.

 

You can only deduct them as Itemized deductions.