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#1
03-30-2006, 08:39 AM
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 Re: Trust Royalty gdh wrote: - quote - > Is anyone here familiar with Trust Royalty Income. I know
Enter the information from the K-1 into a K-1 in Turbotax.> it goes on a Schedule E, but Turbo Tax insists on > identifying it as a "Type of asset" then wants a > Depreciation Type and then a life. There are no options for > Royalty and the stock tax information booklet does not give > it a life. That should get much of the data into the right places-- not just schedule E. http://www.sjbrt.com/files/2005%20SJT%20Tax%20Book.pdf will give example info as to where things should end up. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-26-2006, 02:14 PM
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| Re: Trust Royalty I've had Royalty Trust income (WTU) for well over 10 years but haven't used TT for over 5 years so don't know what they do about it. I just plugged some numbers for Royalties, taxes, admin expense and depletion on page 1 of Sched E into Tax Act and it recorded them perfectly . I think you'r putting your gross income in Rental Property, not Royalties ..But, it does go on Schedule E, with expenses and Depletion, and Sec 29 tax credits (in the past as they ended in 2003, but you can carry them over almost indefiniatly). ed << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-25-2006, 07:24 AM
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| Trust Royalty Is anyone here familiar with Trust Royalty Income. I know it goes on a Schedule E, but Turbo Tax insists on identifying it as a "Type of asset" then wants a Depreciation Type and then a life. There are no options for Royalty and the stock tax information booklet does not give it a life. Thanks in advance. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| royalty, trust |
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