Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I received $2,961.51 in oil royalties in 2015. That is total…

Customer Question
I received $2,961.51 in oil...
I received $2,961.51 in oil royalties in 2015. That is total taxable income. Do I need to file this year? I live in OK
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
1/31/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,795
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

In order to better assist you, please let me know what the royalty income was from.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

My apologies, I did not see that it was oil royalties. My eyes have been playing ticks on me today. As oil royalties are taxed as ordinary income, and this was the only income that you received for the year, you do not have to file a tax return because your income does not exceed the minimum threshold amount required to file a tax return. Refer to the following link for the threshold amounts.

http://www.efile.com/tax/do-i-need-to-file-a-tax-return/

Let me know if you require further assistance with this matter. If not, a positive rating of 3 or more stars will be appreciated.

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

My apologies, I see that the country is Canada, not the U.S. I did not notice that earlier. The information provided refers to U.S. taxation, not Canada. I will opt out t this point.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,337
Experience: Taxes, Immigration, Labor Relations
Verified

Hi

Can you verify - what reporting forms did you receive?

If your royalty income from Canada or from Oklahoma?

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,337
33,337 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Received an unexpected royalty on a country property
Received an unexpected royalty for oil on a country property we own, Is this money taxed like other income at the same rate etc?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
Louisiana claims I owe them income taxes from the year 2012.
Louisiana claims I owe them income taxes from the year 2012. The say they have a note from the IRS that says I had a Louisiana address. I own land in Louisiana that I get oil royalties from, but I don… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,674 satisfied customers
My husband died in 2011. Last year I received a 1099 Misc
My husband died in 2011. Last year I received a 1099 Misc for Oil & Gas royalties. When I couldn't get anyone at oil company to answer my questions when filing my 2014 taxes, I just sent in an extensi… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My mother passed away in 2014 and what we thought was her
My mother passed away in 2014 and what we thought was her final return was filed. My father has not had her will probated yet. She received a 1099 misc for $22.64 for oil royalties in 2015. All the cu… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
My wife and I are retired and live in Texas. One source of
Hello, my wife and I are retired and live in Texas. One source of income is a small oil roylaty ownership. We receive a small check monthly. Recently, it was discovered that years of production had be… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
How much money do we need to set aside irs taxes? our
how much money do we need to set aside for 2015 irs taxes ? our combined income from social security will be $28,000 plus a one time gas/oil lease payment of $17,000 .… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
Why can't I claim as a dependent a son who is in law school
Why can't I claim as a dependent a son who is in law school away from home though I easily provided more than half of his living expenses?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
Hi Lane, I just decided not to even go there with my client.
Hi Lane, I just decided not to even go there with my client. I do have another question that someone else had helped me with but would like your view as well. I have a client with oil and gas well roy… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I received a 1099 misc line 2 royaties is 15% allowed for depletion
I received a 1099 misc line 2 royaties is 15% allowed for depletion and received another 1099 misc line 1 that says rent same company I am assuming its royalties also. also on the 1099 line 2 royaltie… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My husband inherited 3 oil wells from his uncle who purchased
My husband inherited 3 oil wells from his uncle who purchased them in 1957. The oil wells are working Interest wells. We have been told that we are entitled to 15% depletion benefits because they have… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My father inherited some oil and gas rights. We had a long
My father inherited some oil and gas rights. We had a long process and had to hire a lawyer to sue for these rights, well we finally got them. So now he is about to receive some royalties from the rig… read more
Phillip Bell, EA
Phillip Bell, EA
Tax Advisor
Bachelor's Degree
191 satisfied customers
I am no longer able to deduct rental loss on schedule E due
I am no longer able to deduct rental loss on schedule E due to income limits. Do I still need to file schedule E? Can I deduct the taxes on the property on my personal return? We get a small amount of… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
Earlier this year I inherited a percentage of gas & oil royalties
Earlier this year I inherited a percentage of gas & oil royalties in Colorado. This will be an ongoing income. The value of the royalties varies, based on several factors. The first half of this year … read more
geedubya55
geedubya55
Owner
Bachelor
187 satisfied customers
Hi my name is Maggie Bryant, I own property in Texas. In 2008
Hi my name isXXXXX own property in Texas. In 2008 I received a lease bonus for an oil and gas lease in the amount of $65,072.00, on the 1099 the oil company checked box c other inome. According to IRS… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
We are both on social security and are full time rvers do
We are both on social security and are full time rv'ers do we still have to file income tax and if so how much do we need to claim if we get other monies. /also we get oil royalties from montana how d… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,337 satisfied customers
Can the IRS place what is called a continuous levy on oil
Can the IRS place what is called a "continuous levy" on oil royalties? I know they can with wages, but IRC 6331 is unclear to me whether this can be done on royalties or whether IRS must send out a se… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
Property/Income taxes if I buy property in another state
I live in California. If I buy land in New Mexico, will I have to then file an income tax ever year in New Mexico where they will have pay income tax in their state in addition to the income tax in Ca… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
1099 royalty from a natural gas well. Can an individual ...
1099 royalty from a natural gas well. Can an individual taxpayer just take 15% of the royalty as depletion on line 20 of Sch E?… read more
Paul Taliefero
Paul Taliefero
Enrolled Agent
Bachelor Degree
110 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x