How do I complete a Schedule E to report Gas Royalties? I do not own the property but own the rights to the royalties. Turbo Tax is assuming I have 100% ownership.

Forum|Forum|4 years ago
April 15, 2022
1 reply
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The Schedule E process asks for the full property address as well as ownership. It is not allowing me to proceed without putting in the ownership which is 0%.

TurboTax Premier Online

PatriciaV

Employee

Royalty Properties are reported under the Rental Property topic of Income & Expenses. Under the Property Profile/Info section, enter the address if you know it (or use your own address; it doesn't matter to the IRS). Be sure to check the "Royalty property or payment" box.

For the question "Does all the income you receive from [address] belong to you?", in most cases you will answer "Yes." If you split the amount from Form 1099-MISC with someone else, then answer No.

You shouldn't see any other questions about ownership under this topic.

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