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STV01
January 1, 2023
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I sold o&g royalty. Purchaser sent a 1099-MISC "other income". How do I input "income" and then zero it out to satisfy IRS? Will report it as cap gain.

  • January 1, 2023
  • 1 reply
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If I don't report it as "other income", IRS will flag it. If I show "in and out" of income and then report as capital gain, reporting will be correct. How do I report a negative income item?
Best answer by Anonymous_

In TurboTax, it is difficult to enter and then offset miscellaneous income on Schedule 1.

 

You can try entering the income as a royalty property on Schedule E and then offset the income entirely as an Other (miscellaneous) expense.

1 reply

A
Anonymous_Answer
January 2, 2023

In TurboTax, it is difficult to enter and then offset miscellaneous income on Schedule 1.

 

You can try entering the income as a royalty property on Schedule E and then offset the income entirely as an Other (miscellaneous) expense.

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