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At 15:08 on February 11, 2009, Kathy Morgan said…: I'm going to assume this property is property you are already reporting on the Sch C, if so, that makes it a completely different story. Then other income is right and it should go on your schedule C. You still won't get cap gains rate though.

At 9:06 on February 11, 2009, Kathy Morgan said…: Box 1 is correct. You wouldn't get long term capital gains anyway. Box 7 would tell the IRS you are self-employed in the gas business and they would not only tax the income at your regular rate but they would be looking for social security and medicare taxes as well.

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About As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More	Links About General Info Guidelines Supporters Donate Advertise Subscriptions Contact us

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As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More

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