How I do report income for a mineral rights lease since the taxes weren't taken out?

mellygtx Posts: 1, Reputation: 1

New Member

Jan 28, 2011, 06:37 PM

How I do report income for a mineral rights lease since the taxes weren't taken out?

Minerals Rights Lease

Fr_Chuck Posts: 81,301, Reputation: 7692

Expert

Jan 28, 2011, 08:27 PM

You report them as income, taxes do not have to be held out, seldom are, so you list it as other income, it raises your total income

Add your answer here.

Check out some similar questions!

Mineral rights [ 5 Answers ]

My Father inherited mineral rights from his mother. He has passed on . He married twice, & had children by both wife's. Do the children of the first wife have rights equal to the second wife's rights. The land is in North Dakota. My Father passed away in Calif. & that is where my step mother lives...

Gas Lease signing bonus income - taxes [ 1 Answers ]

We received a gas lease signing bonus. We received a 1099 for it. The amount is entered in box 1 then labeled rent. While working on my taxes with an online software service, when I entered this amount as rental income. I started getting questions about expenses, etc. Like it thought I owned a...

Selling mineral rights [ 1 Answers ]

I sold the mineral rights of my portion-confused inheritance of my deceased parents land. The will has not been probated since one of the brothers still lives on the property... What taxes will I owe?

Deed for mineral rights [ 1 Answers ]

My mother had deeded (& recorded) a 1/3 interest in mineral rights on 200 acres (in Fayette Co,Pa she inherited this from our father), conveying her interest to my sister & myself, with a life interest to her, in 1985. How easy will this be to get this in our name now that she has passed or does...

Changing names on mineral rights [ 2 Answers ]

My parents have passed a few years ago and me being power of attorney. I've failed to get the names changed on the mineral rights from the will to me and my brother and sister. We never hired an attorney and tried to do it ourselves and really haven't had any problem till now. I guess one thing I...