Hi,
Hope you are safe, warm & healthy.
I receive gas & mineral royalty from out-of-state source reported on a 1099-Misc. Am I considered a business? I have reported it as such on the advice from TurboTax advisor yet it appears I'm paying personal and business taxes on the entire gross amount.
Thanks in advance.
No, your gas and mineral royalty is reported on Schedule E. When you enter it in TurboTax you can enter the depletion and any other expenses. Look for the Rental Properties and Royalties (Sch E)
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