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Permalink Reply by smith1 on February 9, 2010 at 11:43

we received a 1099 on our seismic payment just last week, we signed around September 2009, they do report to IRS, that's why (what I understand) they requested our social security #'s

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Permalink Reply by RBT on February 9, 2010 at 13:02

They reported to the IRS in my two seismic transactions, also.

CG Veritas Land, and Diversified Land Management, INC (affiliated with Seitel Data), reported the income as "other income" in box # 3 on 1099. I am pretty sure that damages can be filed under this heading.

I have not been to my CPA yet, but I know it will be treated significantly better than ordinary income.

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Permalink Reply by jffree1 on February 9, 2010 at 13:22

Visit Kathy Morgan's "Death And Taxes" group. There are numerous topics discussing bonus, rent, royalty and damage payments. This question has probably already been answered but if you don't find anything specific to seismic you can ask Kathy.

http://www.gohaynesvilleshale.com/group/deathandtaxes

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Permalink Reply by BirdDawg, plain ole' idiot on February 9, 2010 at 13:48

Are seismic payments really a big concern regarding you taxes? It is such a minor issue.

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Permalink Reply by layla on February 10, 2010 at 4:40

Without knowing how many acres are involved in this lady's seismic survey payments, you cannot state that it is a minor issue. For example, for someone with 400 acres @ $25.00 per acre, you are talking $10,000.00 which is more than enough to make a real difference in someone's tax liability.

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