Range Resources 1099 MISC form

Forum|Forum|3 years ago
March 27, 2023
2 replies
4 views

I have 1099Misc form from range resources for O&G lease (They list amount in box 1 of the form) RENT. Turbo tax thinks I have a rental property. Can someone please tell me where and how do I enter this income properly? I don't consider this a rent, and its not a lease, it is more of a bonus.

thanks

Vanessa A

Level 15

If you are receiving royalties from and Oil and Gas lease it is considered royalty income. It is reported on Schedule E as royalty income. So it sounds like it is being reported properly.

"Royalties from copyrights, patents, and oil, gas and mineral properties are taxable as ordinary income.

You generally report royalties in Part I of Schedule E (Form 1040 or Form 1040-SR), Supplemental Income and Loss." Taxable and Nontaxable Income

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rweyand0521Author

Level 2

This is not a royalty.

Bozz-is-well

Level 2

Okay. you imput your info in the business expenditures section for 1099- MISC, and 1099 NEC, and 1099K etc. Don't use the word rent. Try using the word Lease or Abbr., LS, OFP, (Other Forms of Payment),