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Oil & Gas Lease 1099's

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    #1

    Oil & Gas Lease 1099's

    Anyone else other than myself noticing that many 1099MISC issued by the various oil and gas companies are completing the 1099MISC incorrectly.

    They are all putting the oil and gas lease payments as "Other Income" instead of rent.

    I have even found some with the lease payments as "Nonemployee Compensation".

    I have verified that the payments are rent.

    Just seems like they have their heads screwed on backwards this year.
    Jiggers, EA
    Tags: None
    #2
    It could be that there are just so many new companies getting into the game that they haven't gotten the one time a year things worked out yet.

    LT
    Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

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      #3
      Working Interests

      Aren't there "working interests" that do go on Schedule C? Luckily, my only gas & oil so far is on a K-1, so I pretty much follow the boxes in entering the data. I lost the gal who inherited several working interests from her mother and doesn't have a clue. (Well, I didn't tell her where I am now that I left that other place, so she couldn't follow me!) I have more to come though...
      Last edited by Lion; 03-25-2009, 06:42 PM.

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