Gas Lease

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  • gman
    Senior Member
    • Dec 2005
    • 676
    #1

    Gas Lease

    Taxpayer has good luck and gas company pays them 300. per acre to lease for oil and gas. Would this sch e income disqualify from eic.
    Tags: None
    • JG EA
      Senior Member
      • Jul 2005
      • 2176
      #2
      Only if they have 9.7 acres or more.
      JG

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        • gman
          Senior Member
          • Dec 2005
          • 676
          #3
          Where Did

          You Find This 9.7 Acres Info

          Thanks

            Comment

            • JG EA
              Senior Member
              • Jul 2005
              • 2176
              #4
              Sorry, just joking. 9.7 times $300 = over the investment income limit. I have a strange sense of humor.
              JG

                Comment

                • taxxcpa
                  Senior Member
                  • Nov 2007
                  • 978
                  #5
                  There might be a way with 9.8 acres

                  Originally posted by JG EA
                  Sorry, just joking. 9.7 times $300 = over the investment income limit. I have a strange sense of humor.
                  Part of the property tax and/or mortgage interest might reduce the net income to less net investment income.

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