D. Stussy wrote:

- quote -

True, but then it should have been reported in 1099-MISC Box 7, not as a
rent.

- quote -

To follow on Harlan's comment, a working gas or oil interest reportable
on Schedule C will normally have a depletion expense in addition to
other expenses.

-Mark Bole

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<jocelyn.helent[at]gmail.com> wrote in message
news:4179578d-36a9-4670-a073-a15b1260edf5[at]e38g2000yqa.googlegroups.com...
- quote -

You don't. Working interests in oil and gas go on schedule C.

- quote -

Only if you incurred the expenses.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

jocelyn.helent[at]gmail.com wrote:
- quote -


Certainly taxes on the land.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

in article
4179578d-36a9-4670-a073-a15b1260edf5...oglegroups.com,
jocelyn.helent[at]gmail.com at jocelyn.helent[at]gmail.com wrote on 3/12/09 9:32
PM:

- quote -

rent on the Schedule E. If you are using tax software, when you enter the
1099MISC, it will ask you what you want to hook it up to and you pick your
schedule E. We deducted RE tax, legal fees, fees for maintaining the
property, etc. We also had to file a PA non-resident return because my
client lived in TN.

Uncompensated advice guaranteed correct or double your money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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I received a check in 2008 as a bonus for the lease I signed with a
gas company in 2007. They sent me a 1099-MISC, where they reported the
payment as a rent.

How do I include this payment in the Schedule E?
Is there any expenses that I can recognize to reduce this income?
Please advise.
Jocelyn

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