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Question

How do i enter income from overriding royalty interest in an oil well? I received a 1099 MISC but when I enter information into turbotax it thinks i own a business.

Forum|Forum|1 year ago
February 11, 2025
1 reply
0 views

I dont own the property but have mineral interest if the well is produced.

Employee

Delete the Form 1099-MISC that you have entered, then follow these instructions: How do I enter a 1099-MISC for royalty income?

Be careful to enter the income in Box 2 and mark the property as "Royalty" (the default is rental). If you're asked about an address, enter the actual property address if you know it or your own mailing address. This entry isn't required by the IRS, but TurboTax asks for it.

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