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March 13, 2020
Question

K 1 has rental income box 2, royalties box 7 and other income box 11.

  • March 13, 2020
  • 1 reply
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TT states that I need 2 separate properties for the rental income and royalties.  The income is from the same farm & location.  The income is from wind farm payments.  They broke the payment into rental income and royalties.

1 reply

ColeenD3
March 13, 2020

Yes. If you have rental income, Box 1 Form 1099-Misc, it belongs in the rental section. The royalties are entered in the royalty section. Each entry has it's own way to categorize the income.