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Royalty / Rental Income

4491-12 Income - Royalty and Rental Income v1.0 VO.ppt. Royalty / Rental Income. Form 1040 Line 17 Pub 4012 Tab 2. LEVEL 2 TOPIC. Royalty/Rental Income Schedule E. Royalty and/or rental income for oil leases with no expenses is IN SCOPE

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Royalty / Rental Income

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  1. 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC NJ Training TY2010 v1.0

  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 NJ Training TY2010 v1.0

  3. 1099-MISC in TAXWISE NJ Training TY2010 v1.0

  4. SCH E in TAXWISE Fill in on Sch E Link to 1099-MISC NJ Training TY2010 v1.0

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