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Tax Help Question - Royalties Related
Posted by deaconjones35
on 3/13/23 at 1:29 pm
0
0We have an agreement with Viralhog.com on a video we took and we made a few hundred dollars on it last year. Was issued a 1099-MISC, but when I enter it into Turbo Tax, I only have 2 choices, that the income is from royalties associated with land I own (like oil/gas royalties) or it assumes I own a business and is making me fill out a schedule c. I don't own a business, so neither choice is correct. Turbo Tax said I need to do the schedule c, but wanted to see if anyone here had some input.
re: Tax Help Question - Royalties RelatedPosted by Tsw on 3/13/23 at 1:44 pm to deaconjones35
on 3/13/23 at 1:44 pm to deaconjones35I don't use TurboTax, but Schedule E is the form for royalty income.
re: Tax Help Question - Royalties RelatedPosted by LSUFanHouston on 3/13/23 at 1:58 pm to deaconjones35
on 3/13/23 at 1:58 pm to deaconjones35It is a royalty, but not an oil and gas or land royalty.
You would report it on Scedule E but not take depletion expense.
You would report it on Scedule E but not take depletion expense.
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