Replies to This Discussion

Oil & Gas ProPermalink Reply by The_Baron on August 25, 2010 at 5:01

Ask your accountant.

Even income received with no 1099 should probally be reported.

• ▶ Reply

Permalink Reply by John Starke on August 25, 2010 at 8:27

I absolutely agree. The girl at Texas Unclaimed tried to tell me that someone had paid the Federal Taxes on it. I don't think so. Advolorum taxes were paid by the oil co and deducted but not for the IRS.

Kind of like gambling winnings, no 1099.

• ▶ Reply

Oil & Gas ProPermalink Reply by The_Baron on August 25, 2010 at 9:15

If you win enough at once you'll get one... Depending on whos paying I guess.

Although with gambling winnings you can write off your losses to offset winnings, just be sure to have a DETAILED logbook to show your friendly nieghborhood IRS agent.

• ▶ Reply

landownerPermalink Reply by Mac Davis on August 25, 2010 at 9:13

Roughly how big were the payments?

Technically, it would seem that they couldn't pay the income taxes on the royalties anyway. They could do withholding, which isn't quite the same thing.

Even if the taxes were paid, it probably doesn't matter unless you can get a withholding statement.

• ▶ Reply