Do I need any Schedule C for reporting my oil/gas royalty income? I didn't used to have to use that form, only 1099-MI|SC. This year it asks "Source of 1099-MISC Income"
Do I need any Schedule C for reporting my oil/gas royalty income? I didn't used to have to use that form, only 1099-MI|SC. This year it asks "Source of 1099-MISC Income"
Use Schedule C if your royalty income is from natural resources that you extract from your property.
Use Schedule E if your royalty income is investment income from property you own, which includes natural resources extracted from your property by a third party who leases your property.
To quickly get to that section of TurboTax:
With your return open, search for 1099-MISC and select the Jump to link in the search results.
When you enter your 1099-MISC, enter the income in Box 2 - Royalties. On the following screen, choose the source of your royalty income, business or investment.
Once you've selected the proper classification, continue with the onscreen interview until complete.
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