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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29571
Experience:  Taxes, Immigration, Labor Relations
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I received $2,961.51 in oil royalties in 2015. That is total

Customer Question

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: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

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

Expert:  Tax.appeal.168 replied 1 year 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.

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

Expert:  Tax.appeal.168 replied 1 year 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.

Expert:  Lev replied 1 year ago.


Can you verify - what reporting forms did you receive?

If your royalty income from Canada or from Oklahoma?

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