landowner

Individual Income Tax Question

I received a 1099-MISC for income from wells in which I am an unleased mineral owner. The operator listed the income in Box 7 as Nonemployee Compensation. The tax program I'm using is treating it as business income and therefore I'm having to pay self-employment tax on it. Is this correct? I don't feel this is earned income that I should have to pay Social Security on; I work for a school district and pay into the teacher's retirement fund, not Social Security. Any thoughts would be appreciated.

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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on March 5, 2019 at 4:48

Kathy, I'll add my two cents regarding casingpoints less than civil tone.  Please don't let one somewhat discourteous replay lead you to abandon us.  We need you.  :-)


landownerPermalink Reply by Bobi Carr ("parker") on March 24, 2019 at 0:59

Kathy,  I haven't read any of casingpoints remarks before but when I read it, I thought it was an attempt at humor.  It is not always easy to know the writer's intent. 


landownerPermalink Reply by casingpoint on March 27, 2019 at 8:21

Thanks for the backup, Bobi Carr. One stays around the O&G business, your skin soon turns to rawhide.

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