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GLK2
April 4, 2024
Question

1099 MISC OIL AND GAS ROYALITY INCOME DEDUCTIONS

  • April 4, 2024
  • 1 reply
  • 0 views

Where do you inter the un numbered information on deductions for oil royality income shown on 1099 MISC?

Turbotax just says "Box2 minus these expence deductions is the amount paid".  So exactly where or how do es one show this or input these deductions on a tax return?  

    1 reply

    M
    Mike9241
    April 4, 2024

    royalties are reported on schedule E

    so go to the rent and royalty section and click on update or start

    click on add rent or royalty

    select royalty and continue 

    you eventually will come to a screen where you can enter royalty income and expenses

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