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J
jmmstewart2016
April 11, 2022
Question

I have entered oil and gas royalties from a 1099-MISC. In the review Turbo Tax is insisting that I enter rental income on the Schedule E. Any ideas on my error?

  • April 11, 2022
  • 1 reply
  • 0 views
No rental income at all. Also it is calculating a 15% depreciation.  I've deleted it but it keeps coming back.  As I understand it depreciation isn't usually allowed on oil and gas royalties.

1 reply

KrisD15
KrisD15
April 11, 2022

Make sure the income is reported in Box 2 (royalties) and NOT Box 1 (rent) on the entry screen for the 1099-MISC 

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