landowner

Income tax considerations

3 siblings and I sold land to a gas pipeline company in 2009. We each received a 1099MIsc for these amounts:

Other Income: 8375.

right of way consession: 2667.

right of way damages: 5283.

crop damages: 375.

other damages: 50.

How to I show this on my tax return?

Thanks for any help!

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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on March 21, 2010 at 12:52
http://www.gohaynesvilleshale.com/group/deathandtaxes/forum/topics/...

And thanks to Kathy Morgan for her help with tax questions related to shale income.

landownerPermalink Reply by LSR on March 21, 2010 at 17:45
CALL THE IRS AND GET INFORMATION. HAVE THE 1099 MISC FORM HANDY WHEN YOU CALL. WE GOT A 1099-S FORM(PROCEEDS FROM REAL ESTATE TRANSACTIONS) FOR THE SALE OF MINERAL INTERESTONLY. AND I HAD TO FILE A SCHEDULE D(CAPITAL GAINS AND LOOSES). IT LOOKS LIKE YOU WILL HAVE TO DO A SCHEDULE FOR FARM INCOME OR LOSS FOR THE CROP DAMAGES AND RIGHT OF WAY DAMAGES. GO TO IRS.GOV AND GET TOLL FREE PHONE NO. TO CALL AND CHECK THIS OUT. YOU MAYBE TRANSFERRED TO MORE THAN ONE DEPARTMENT TO GET ALL YOUR ANSWERS. PLEASE CALL EARLY AROUND 8AM TO 8:30AM AND JUST HAVE PATIENCE. YOU WILL BE GIVEN THE PUBLICATION NUMBER TO LOOK UP INFORMATION ONLINE ON WHAT TO DO.

landownerPermalink Reply by cp on March 22, 2010 at 2:52
thanks.

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