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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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Do I pay Income Tax on Gas and Oil Lease payments I received

Customer Question

We received a oil and gas lease bonus consideration. Do we have to pay income tax on this, and if so how?
Submitted: 8 years ago.
Category: Tax
Expert:  MequonCPA replied 8 years ago.

Dear XXXXX -

These amounts would be taxable income and would be reported on Schedule E as "Rent and Royalty" income.

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