Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and...

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Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt 11/30/2010 1 NJ Training TY2010 v1.0

Transcript of Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and...

Page 1: Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt 11/30/20101NJ Training TY2010.

Royalty / Rental Income

Form 1040 Line 17Pub 4012 Tab 2

LEVEL 2 TOPIC

4491-12 Income - Royalty and Rental Income v1.0 VO.ppt

11/30/2010 1NJ Training TY2010 v1.0

Page 2: Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt 11/30/20101NJ Training TY2010.

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

11/30/2010 2NJ Training TY2010 v1.0

Page 3: Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt 11/30/20101NJ Training TY2010.

1099-MISC in TAXWISE

11/30/2010 3NJ Training TY2010 v1.0

Page 4: Royalty / Rental Income Form 1040 Line 17 Pub 4012 Tab 2 LEVEL 2 TOPIC 4491-12 Income - Royalty and Rental Income v1.0 VO.ppt 11/30/20101NJ Training TY2010.

Fill in on Sch E

Link to 1099-MISC

SCH E inTAXWISE

11/30/2010 4NJ Training TY2010 v1.0