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I received payment for a mineral rights lease for oil and
I received payment for a mineral rights lease for oil and gas . Is this amount taxable as regular income?… read more
Robin D.
Robin D.
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ON 1099 MISC WHICH BOX SHOULD HAVE BEEN USED FOR RECEIVING A
ON 1099 MISC WHICH BOX SHOULD HAVE BEEN USED FOR RECEIVING A MINERALS (OIL & GAS) PROPERTY LEASE (BONUS). ONE LESSOR HAS AMOUNT IN BOX 1 AND ANOTHER LESSER HAS AMOUNT IN BOX 7. … read more
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How do I report the sale of rocks sold from our land?
How do I report the sale of rocks sold from our land? capital gain sale of an asset? ordinary income (sch c) sch e? depletion? … read more
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Relative to an Individual Royalty Owner of Oil and Gas
Relative to an Individual Royalty Owner of Oil and Gas producing property, is an "inheritor of such property" deemed as having an "economic interest" in such property for purposes of claiming a deplet… read more
Barbara
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My client payed royalty taxes and would like to expense them
My client payed royalty taxes and would like to expense them on her return. I don't know if she can do this or, if so, where. The problem I see arising is this: she paid the tax assessor-collector in … read more
Lev
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I have a client who receives oil royalties from North Dakota
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Tax.appeal.168
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I received a form 1099-MISC from Western Land Services for
I received a form 1099-MISC from Western Land Services for the lease of my land for oil drilling rights. How do I report this income on my tax form?… read more
Richard
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I am asking about any special forms I should fill out
I am asking about any special forms I should fill out for a single oil well I have invested in. Several years ago I invested $50,000 in an oil well. It produced oil and natural gas for several years, … read more
Lev
Lev
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Received a form 1099- MISC with amount in box 1. Income was
Received a form 1099- MISC with amount in box 1. Income was received as a bonus payment and gas lease. Should this amount be considered as royalty income or rental income. IRS is not clear on this sub… read more
Lane
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JD, MBA, CFP, CRPS
Doctoral Degree
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my principal business for LLC is investment and mineral royalty,
my principal business for LLC is investment and mineral royalty, what is the business code for this… read more
Lev
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We receive royalties from mineral rights that we own in North
We receive royalties from mineral rights that we own in North Dakota. Two different oil companies send us royalty checks--and both companies sent us a 1099-Misc. Income form for our 2013 taxes. One oi… read more
Megan C
Megan C
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Hello,tax payer 66 years old lives in California and has
Hello, tax payer 66 years old lives in California and has two parcels in Ohio. She leased them for Oil/Gas rights for 5 year lease. Payment up front for $19,700. Years 2 - 5 she gets ZERO. She has a l… read more
Lev
Lev
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I have property mineral rights leased to an Oil company.
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Do I pay self employment taxes on royalties from minerals
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Your Business Tax Question I have a client that owns a sole
Your Business Tax Question I have a client that owns a sole proprietorship that owns the mineral rights to a 50 acre parcel of land in Pennsylvania .His company does not own the property only the mine… read more
Stephen G.
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I just received your follow up email and thought I would also
I just received your follow up email and thought I would also follow up with further info that I have found in my own research regarding the question I had posed to this service on how to claim and/or… read more
Lev
Lev
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I have a rental property, a private home in Texas. Recently
I have a rental property, a private home in Texas. Recently an oil company determined that oil and natural gas may be present on or near the property. They have issued a check for about $14K for the r… read more
Ed Johnson
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I have a farm that I leased to a gas company and I just ...
I have a farm that I leased to a gas company and I just recieved the lease check. Can you tell me how these monies will be taxed and if I need to pay either the state or the federal government now or … read more
Marvin,EA
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