Level 11
09-18-2024
09:56 AM
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The input for royalties from a trust leaves something to be desired, I agree. Personally, I like all my royalty income and deducts on page 1 of Sch E - that's the default Lacerte presentation for S-corps and partnerships.
I agree that depletion on royalties is statutorily a non-passive item. O&G royalties are never a PIG.