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Royalty / Rental Income

4491-12 Income - Royalty and Rental Income v11.0 VO.pptx. Royalty / Rental Income. Form 1040 Line 17 Pub 4012 Tab 2. Royalty/Rental Income Schedule E. Royalty and/or rental income for oil leases with no expenses is IN SCOPE Royalties can be reported on either K-1 or 1099-MISC

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Royalty / Rental Income

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  1. 4491-12 Income - Royalty and Rental Income v11.0 VO.pptx Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 Tax Law Training (NJ) TY2011 v11.0

  2. Royalty/Rental Income Schedule E • Royalty and/or rental income for oil leases with no expenses is IN SCOPE • Royalties can be reported on either K-1 or 1099-MISC • Rent can be reported on 1099-MISC • Rent reported on K-1 is OUT OF SCOPE • Rental income on residential property is OUT OF SCOPE Tax Law Training (NJ) TY2011 v11.0

  3. 1099-MISC in TAXWISE Tax Law Training (NJ) TY2011 v11.0

  4. SCH E in TAXWISE Link to 1099-MISC Tax Law Training (NJ) TY2011 v11.0

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