My new client gets 5K a yr for the rights to drill on his property. He calls it "rent" but I don't think it is truly rent.
Can't this go on "other income?"
Can't this go on "other income?"
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"I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey -
Mineral Rights?
I think this can get really complicated, really fast...
You may be getting into a minefield.
Or an oilfield. [LMAO]
BMKBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process. -
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IRS Code
The code ( I dont have the number in front of me) is very specific on these payments.Originally posted by Possi View Post
It must be reported on Sch E as rents.AJ, EAComment
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Either way, you're outstanding in your field.Originally posted by Koss View PostI think this can get really complicated, really fast...
You may be getting into a minefield.
Or an oilfield. [LMAO]
BMK"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Thanks!
Thanks for the laughs, AND the useful information!"I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur GodfreyComment
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Drilling
Does this mean that a dentist also has to report income on Schedule E?
BMKBurton M. Koss
koss@usakoss.net
____________________________________
The map is not the territory...
and the instruction book is not the process.Comment
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Is this thread starting to decay?"The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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Difficult clients...
Well, sometimes getting all the needed information from a client is like pulling teeth...
BMKBurton M. Koss
koss@usakoss.net
____________________________________
The map is not the territory...
and the instruction book is not the process.Comment
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Yes, I understand.
They give us partial information and expect us to fill in the gaps."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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bridge
Most of the time the partial causes us to bridge..."I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur GodfreyComment
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Bite me!!!Comment
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groan . . .
Enjoy the well-deserved plaque for humor, guys!Comment
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