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How do you move depreciable assets from a royalty property to a rental property? TurboTax put them on the wrong asset.

Forum|Forum|7 years ago
June 6, 2019
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TurboTax Premier Online

Best answer by view2

Use a separate schedule for each type payment by selecting the correct link.

Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses" radio button generally on depletion screen.]

Screen.>>>>Is this a Rental Property or Royalty

On this screen you must identify correctly the type of Rental or Royalty Activity Identification

Select royalty Property or payment.[absolutely crucial for royalty payment

V

view2Answer

Employee

Use a separate schedule for each type payment by selecting the correct link.

Review the Schedule E in Turbotax after entering through the 1099 MISC incomes then you can enter things like production taxes, mineral property taxes, production costs, depletion, etc.["More expenses" radio button generally on depletion screen.]

Screen.>>>>Is this a Rental Property or Royalty

On this screen you must identify correctly the type of Rental or Royalty Activity Identification

Select royalty Property or payment.[absolutely crucial for royalty payment

S

swadesignAuthor

Your solution prompted an idea. First, I removed the royalty payment from income, since Turbo Tax kept auto-placing it to the rental property (even though I had created two assets). Second, I went into the second asset, created for the royalty payments, and added the royalty payment within the second asset. Rental and royalty are now separate. Thanks.