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mary2of7
New Member

Do I report capital gains from sale of oil & gas royalties?

I sold my oil & gas royalties only in 2017, I did not own or sell the actual land they were on. Do I need to pay capital gains tax for that and where do I report it?

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‎June 4, 2019 10:47 PM
last updated ‎June 04, 2019 10:47 PM
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MichaelL1
Level 15

Do I report capital gains from sale of oil & gas royalties?

Yes, this is considered an Investment sale and is reported as shown below:

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button

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‎June 4, 2019 10:48 PM
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MichaelL1
Level 15

Do I report capital gains from sale of oil & gas royalties?

Yes, this is considered an Investment sale and is reported as shown below:

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button

‎June 4, 2019 10:48 PM
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1,495
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