Question

Schedule E - Question about Asset & Property for Oil and Gas Mineral Rights

Forum|Forum|5 years ago
February 17, 2021
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I have oil and gas mineral rights that generate royalty payments. I do not own the property on which the royalties are generated.

When working through the Schedule E questions, a screen comes up titled "What additional expenses and assets did you have for _____". The first portion addresses assets and the second portion addresses expenses.

Under the assets, there is a line for Royalty property. Do I check that box? I am receiving royalty, but I do not own the land on which the royalty is being generated.

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Irene2805

Yes, check the box for royalties. You may not own the land itself, but you do own the oil, gas, and mineral rights. That is what you are being paid royalties for.