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I received a check from an oil and gas company to lease my
I received a check from an oil and gas company to lease my land for future drilling. I received a 1099-MISC and am having issues on how to report this on the program I am using to file my taxes. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
I have a 1099-MISC showing an amount in Block 1. We own the
I have a 1099-MISC showing an amount in Block 1. We own the mineral rights on property and this is money I received from an oil and gas company as a "Lease Bonus," authorizing them to drill on our lan… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
Tax filing questions: 1120 S Corporation: I have a vehicle
Tax filing questions: 1120 S Corporation: I have a vehicle that I want to write off expenses for in connection with my "S" Corporation business.I own a truck that I want to use for business. I am a co… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 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
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
can you deduct the oil and gas depletion allowance from a lease bonus? Carl H We signed
can you deduct the oil and gas depletion allowance from a lease bonus? Carl H We signed a 3 year oil and gas lease and received a bonus payment of 1100 an acre. The reading I have done indicates a gre… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
If a land owners has travel expenses in one year 2010/2011
If a land owners has travel expenses in one year 2010/2011 to look at property, talk to people neighbors about oil gas leasing and in 2012 leases land for oil gas purposes can landowner deduct those o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
My wife inherited some mineral acres from her uncle. She
My wife inherited some mineral acres from her uncle. She recently leased these acres to an oil promoter on a three year lease. How do I handle this income on my taxes for this year. ***@******.***… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
Hi.. My father died, sister was exec of estate. I had to
Hi.. My father died, sister was exec of estate. I had to sue her to get my inhertance. I finally got my money, but it is now 2 years after his death. How do I list $ on a 1040 tax form. What code woul… read more
Richard
Richard
Tax Attorney
Doctoral Degree
5,118 satisfied customers
Hello, Taxpayers lives in California. Owns some acres in
Hello, Taxpayers lives in California. Owns some acres in Ohio, which were leased for 5 yrs for oil and gas (shale). The lease will stay in effect ONLY if production of oil/gas starts within 5 yrs. Pay… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,360 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 B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Re: Oil and Gas Lease Tax Issues Hello: My relative got
Re: Oil and Gas Lease Tax Issues Hello: My relative got an offer to lease her 6.8 acres for 5 years and she'll get $13,600 plus a 15% royalty. Question: A CPA website it's taxed an ordinary income lik… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
Hi, I have working interest in oil & gas leases. On expenses
Hi, I have working interest in oil & gas leases. On expenses can I deduct my Insurance premiums that is not offered to me at work??… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
If i write a check for lease costs in one year and the well
If i write a check for lease costs in one year and the well is drilled unsuccesfully in the first three months of the next year, can the costs be deducted in the year the check was written?… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I inherited mineral rights in Texas a few years back. In 2009
I inherited mineral rights in Texas a few years back. In 2009 I signed a lease agreement with an oil company and received a lease bonus. Is this income taxable?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
My question is about estates. It is my mothers estate and
My question is about estates. It is my mother's estate and has been closed for about four years. Recently, my siblings and I have been informed that our parents still owned a small portion of land and… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
Rental Income or Royalty Income I received a 1099-MISC from
Rental Income or Royalty Income? I received a 1099-MISC from an Oil and Gas company that has leased my land for the purpose of running gas lines and drilling for oil. The lease began in Aug 2008 and i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
I have leased my property ( 12 acres and a barn) to a natural
I have leased my property ( 12 acres and a barn) to a natural gas exploration company. They paid me $32,000. This is for a 7 year lease. I have lawyers fees for writing a contract, travel expenses to … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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