A farmer brought in a 1099-misc. (non-employee comp. ) for a storage & mineral deed. Does anyone know how this should be treated on the tax return?
Thanks in advance!
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Storage and mineral Deed
Started by terry, Feb 02 2012 02:22 PM
3 replies to this topic
#2
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Posted 04 February 2012 - 03:05 PM
What was the payment for? Did he actually deed over the mineral rights?
#3
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Posted 04 February 2012 - 08:28 PM
Yes. Another persons opinion was that it should have been reported on a 1099-B not a 1099-misc.
#4
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Posted 07 February 2012 - 10:32 PM
Sounds like a sale of mineral rights that needs to be reported on Schedule D.
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