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I have a 1099 misc from chevron Usa I own the oil and gas rights on property in WV i signed a 5 year lease for 725.. how do i report this.

 
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I have a 1099 misc from chevron Usa I own the oil and gas rights on property in WV i signed a 5 year lease for 725.. how do i report this.

You generally report royalties in Part I of Schedule E (Form 1040). Oil, gas, and minerals. Royalty income from oil, gas, and mineral properties is the amount you receive when natural resources are extracted from your property.

Box 2 of Form 1099-MISC is reserved for tax reporting related to royalty payments.Part I of Schedule E (Form 1040){select royalty for this] Link to "investment"

 Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses"  radio button generally on depletion screen.]

Box 1 of Form 1099-MISC is reserved for tax reporting related to rental payments.Part I of Schedule E (Form 1040)[select rental for this]  "Non business income from the rental of personal property or equipment


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