Rent/royalties

Forum|Forum|3 years ago
April 14, 2023
1 reply
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I received a 1099-Misc for rent and royalties for natural gas rights out of state. The rent (Minimal $6.00) is for storage, the royalties for gas production. I keep getting a review message stating I can't list both rent and royalties on the same 1099. I can't bypass it to file taxes. I've tried creating separate 1099 entries to split out the two and I've tried identifying two properties for schedule E. Neither is working. Suggestions please?

DianeW777

This happens in your situation because the income is handled differently and cannot be added in the same 1099-MISC entry. First delete the entries you have made.

Once deleted you may want to clear your cache and cookies. It handles many issues that seem nonsensical on a regular basis. Close your TurboTax return first. Watch to be sure you are selecting 'all time' as example. Do not use selections like 'last hour' for those browsers that give you options.
- How to clear your cache
Enter two 1099-MIScs, one for the rent and one for the royalties. (Or just the royalties)
Alternately you can enter the rent as follows since it is such a minimal amount:
1. Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
2. Go to the last selection, Miscellaneous Income and click Start
3. Go to the last option, Other reportable income and click Start
4. When it asks, "Any other reportable income?" > yes and then type in a description and the amount to report it on your tax return.
5. TurboTax Online and TurboTax CD/Download will use the same procedure