What form to file

Forum|Forum|3 years ago
March 26, 2023
1 reply
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Hi, I am new to Turbotax. I decided to tackle the taxes myself this year after paying $$$$ for someone else to do my taxes. After completing all the questions on Turbotax I was left with one item which was not addressed, or I just missed it.

I have received royalties from a gas company on a piece of property I co-owned and I had to pay taxes to the county where the property was located. Where should I report this tax? Thanks in advance for your help.

DoninGA

Employee

You report the royalty income and expenses on Schedule E.

To enter rental or royalty income, expenses and rental asset depreciation -

Click on Federal Taxes (Business using Home & Business)
Click on Wages and Income (Business Income and Expenses using Home & Business)
Click on I'll choose what I work on
Scroll down to Rental Properties and Royalties (Sch E), click on the start or update button

Or enter rentals in the Search box located in the upper right of the program screen. Click on Jump to rentals