Gas Lease

[gman]

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.

[JG EA]

Only if they have 9.7 acres or more.

[gman]

Where Did

You Find This 9.7 Acres Info

Thanks

[JG EA]

Sorry, just joking. 9.7 times $300 = over the investment income limit. I have a strange sense of humor.

[taxxcpa]

There might be a way with 9.8 acres

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.