My 1099 brokerage statement has a "Fees and Expenses" section at the end, pertaining to a gas and oil royalty reported on the 1099misc. Is this tax deductible?

Forum|Forum|3 years ago
March 19, 2023
1 reply
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The same figures are reported under "Reconciliations, Fees, Expenses, and Expenditures" Can I deduct "Total Admistrative Expense" from "Total Misc. Income"?

TurboTax Self Employed Online

ErnieS0

Yes. You can claim expenses related to natural gas and oil royalties. TurboTax will automatically compute your depletion allowance. However, you can add other expenses.

Type royalties in Search (magnifying glass) in the top right corner
Jump to royalties
On "Your 2022 rentals and royalties summary:" edit your royalties
You will eventually see a screen "What additional expenses and assets did you have for Texas oil royalty?
Choose and enter any applicable expenses

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