# Accounting and Taxes **URL:** https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?no_subcategories=false&page=1 [Latest](https://www.mineralrightsforum.com/latest.md) · [Categories](https://www.mineralrightsforum.com/categories.md) · [Tags](https://www.mineralrightsforum.com/tags.md) **Page:** 2 --- ## [Value of inherited WV gas drilling rights for IRS tax puroaes](https://www.mineralrightsforum.com/t/value-of-inherited-wv-gas-drilling-rights-for-irs-tax-puroaes/80651)
**Author:** [@GaryLFarris](https://www.mineralrightsforum.com/u/GaryLFarris)\ **Replies:** 2\ **Last updated:** [March 31, 2025, 2:34pm UTC](https://www.mineralrightsforum.com/t/value-of-inherited-wv-gas-drilling-rights-for-irs-tax-puroaes/80651 "2025-03-31T14:34:58Z")
I inherited gas drilling rights in West Virginia in 1999. I sold them last year. They were not conveyed in a will. I need the 1999 step-up value for reporting capital gains to the IRS. --- ## [Capital Gains](https://www.mineralrightsforum.com/t/capital-gains/80503)
**Author:** [@jtarbutton](https://www.mineralrightsforum.com/u/jtarbutton)\ **Replies:** 9\ **Last updated:** [March 24, 2025, 1:26pm UTC](https://www.mineralrightsforum.com/t/capital-gains/80503 "2025-03-24T13:26:40Z")
I sold an interest I had inherited. I have no idea how to calculate the cost basis of the interest at the time of inheritance. I’d be grateful for any suggestions or info. Thanks. --- ## [Sale of Mineral Rights](https://www.mineralrightsforum.com/t/sale-of-mineral-rights/80497)
**Author:** [@Polstead](https://www.mineralrightsforum.com/u/Polstead)\ **Replies:** 2\ **Last updated:** [March 21, 2025, 9:22pm UTC](https://www.mineralrightsforum.com/t/sale-of-mineral-rights/80497 "2025-03-21T21:22:40Z")
I am selling my mineral rights. My tax man says I must immediately pay the state and federal income taxes from the sale. I thought I would report and pay them when I file my 2025 return next year. Can anyone address this… --- ## [Midland County TX - second bill today on 2024 taxes paid 4 months ago?](https://www.mineralrightsforum.com/t/midland-county-tx-second-bill-today-on-2024-taxes-paid-4-months-ago/80101)
**Author:** [@min4me](https://www.mineralrightsforum.com/u/min4me)\ **Replies:** 9\ **Last updated:** [March 15, 2025, 7:12pm UTC](https://www.mineralrightsforum.com/t/midland-county-tx-second-bill-today-on-2024-taxes-paid-4-months-ago/80101 "2025-03-15T19:12:58Z")
October 26, 2024, received MCAD 2024 tax bill. Mailed a check for the entire amount the same day and it cleared my bank a few days later. The last property listed was Erwin-Murray 45C. Today, February 25, 2025, I receiv… --- ## [Operator is charging JIBs but not paying revenue due](https://www.mineralrightsforum.com/t/operator-is-charging-jibs-but-not-paying-revenue-due/80370)
**Author:** [@Spunky\_dez](https://www.mineralrightsforum.com/u/Spunky_dez)\ **Replies:** 7\ **Last updated:** [March 14, 2025, 5:13pm UTC](https://www.mineralrightsforum.com/t/operator-is-charging-jibs-but-not-paying-revenue-due/80370 "2025-03-14T17:13:34Z")
Can an oil and gas operator continue to post working interest - Joint Interest Billing and not pay the Revenue that is due on the wells for months? (Yes, I am positive Revenue is due.) These are on newly producing wells … --- ## [NEW MEXICO Tax requirement forms for Non-residents](https://www.mineralrightsforum.com/t/new-mexico-tax-requirement-forms-for-non-residents/80314)
**Author:** [@Jaynie36](https://www.mineralrightsforum.com/u/Jaynie36)\ **Replies:** 2\ **Last updated:** [March 12, 2025, 1:18am UTC](https://www.mineralrightsforum.com/t/new-mexico-tax-requirement-forms-for-non-residents/80314 "2025-03-12T01:18:16Z")
Just recently resolved a “missing address” problem, and received money for the first time for royalty payments in New Mexico. Understood we have to pay NM state taxes now. (We got a 1099). As a non-resident, what is requ… --- ## [15% Depletion + Production Expenses?](https://www.mineralrightsforum.com/t/15-depletion-production-expenses/80247)
**Author:** [@slowrider2394](https://www.mineralrightsforum.com/u/slowrider2394)\ **Replies:** 2\ **Last updated:** [March 7, 2025, 12:27am UTC](https://www.mineralrightsforum.com/t/15-depletion-production-expenses/80247 "2025-03-07T00:27:40Z")
I have Non-Participating Royalty Interests in Texas and it’s tax time. In addition to the 15% depletion deduction on gross revenue, can I also deduct production costs, taxes paid by producer, etc., essentially the differ… --- ## [Tax treatment of unleased Coleman’s income](https://www.mineralrightsforum.com/t/tax-treatment-of-unleased-coleman-s-income/80225)
**Author:** [@Glrice65](https://www.mineralrightsforum.com/u/Glrice65)\ **Replies:** 6\ **Last updated:** [March 5, 2025, 8:54pm UTC](https://www.mineralrightsforum.com/t/tax-treatment-of-unleased-coleman-s-income/80225 "2025-03-05T20:54:42Z")
I am an unleased co-tenant in oil and gas wells in Reeves County, Texas. I am receiving income from these wells. How should this income be reported for tax purposes? Royalty income or non-employment income as shown on a … --- ## [CRDTX 1099s going out late](https://www.mineralrightsforum.com/t/crdtx-1099s-going-out-late/80048)
**Author:** [@jtracy](https://www.mineralrightsforum.com/u/jtracy)\ **Replies:** 5\ **Last updated:** [February 23, 2025, 9:15pm UTC](https://www.mineralrightsforum.com/t/crdtx-1099s-going-out-late/80048 "2025-02-23T21:15:26Z")
Does anyone else have a lease with CRDTX and haven’t received your 1099 yet? I reached out and they said they were sending them at the end of February. Isn’t that against the law? They should have issued them by January … --- ## [Finding a CPA](https://www.mineralrightsforum.com/t/finding-a-cpa/79725)
**Author:** [@Corywillfilm](https://www.mineralrightsforum.com/u/Corywillfilm)\ **Replies:** 7\ **Last updated:** [February 16, 2025, 9:45pm UTC](https://www.mineralrightsforum.com/t/finding-a-cpa/79725 "2025-02-16T21:45:08Z")
Hey all, I currently have a CPA; she is good but as far as I know doesn’t have any actual experience with Mineral Royalties and payments, but had suggestions when I asked her a few questions about it. I am curious if I n… --- ## [Taxes on royalty revenue](https://www.mineralrightsforum.com/t/taxes-on-royalty-revenue/79834)
**Author:** [@graceful99](https://www.mineralrightsforum.com/u/graceful99)\ **Replies:** 1\ **Last updated:** [February 14, 2025, 2:48am UTC](https://www.mineralrightsforum.com/t/taxes-on-royalty-revenue/79834 "2025-02-14T02:48:44Z")
I am looking for a tax person who is familiar with mineral royalty revenue in Chickasha or Grady County. Thank you! I live in Texas. --- ## [Paying taxes on money I haven’t received?](https://www.mineralrightsforum.com/t/paying-taxes-on-money-i-haven-t-received/77860)
**Author:** [@Thomas.I](https://www.mineralrightsforum.com/u/Thomas.I)\ **Replies:** 1\ **Last updated:** [October 19, 2024, 6:14pm UTC](https://www.mineralrightsforum.com/t/paying-taxes-on-money-i-haven-t-received/77860 "2024-10-19T18:14:17Z")
Hello, In 2022 and 2023 I received a 1099 NEC and a 1099 MISC from Continental Resources… both years claiming I have made X amount of dollars even though I only got paid roughly half of what they are stating. Is anyone … --- ## [Salvage of shut-in well equipment](https://www.mineralrightsforum.com/t/salvage-of-shut-in-well-equipment/77640)
**Author:** [@Tcap](https://www.mineralrightsforum.com/u/Tcap)\ **Replies:** 1\ **Last updated:** [November 20, 2024, 6:33pm UTC](https://www.mineralrightsforum.com/t/salvage-of-shut-in-well-equipment/77640 "2024-11-20T18:33:55Z")
Good afternoon, I wanted to get information regarding how to determine if shut-in wells have salvageable equipment within. Is there any way I can tell if the equipment has already been removed? I am not asking about plug… --- ## [Tax basis for home with mineral rights](https://www.mineralrightsforum.com/t/tax-basis-for-home-with-mineral-rights/78056)
**Author:** [@tedthehead](https://www.mineralrightsforum.com/u/tedthehead)\ **Replies:** 12\ **Last updated:** [November 11, 2024, 2:51pm UTC](https://www.mineralrightsforum.com/t/tax-basis-for-home-with-mineral-rights/78056 "2024-11-11T14:51:25Z")
I purchased my home on 40 acres 26 years ago and was unaware that it included the mineral rights. To my surprise they are included. Twenty-six years later, they are about to drill 15 horizontal wells under my property. W… --- ## [Is royalty income earned on date of production or when check received?](https://www.mineralrightsforum.com/t/is-royalty-income-earned-on-date-of-production-or-when-check-received/77143)
**Author:** [@slowrider2394](https://www.mineralrightsforum.com/u/slowrider2394)\ **Replies:** 2\ **Last updated:** [August 28, 2024, 11:14am UTC](https://www.mineralrightsforum.com/t/is-royalty-income-earned-on-date-of-production-or-when-check-received/77143 "2024-08-28T11:14:03Z")
I signed a division order (Pioneer) in December 2023 due to new horizontal wells coming online and received a large check in early January 2024 for around 6 months of 2023 production. I assumed that I would owe federal t… --- ## [Tarrant County, TX property tax?](https://www.mineralrightsforum.com/t/tarrant-county-tx-property-tax/76457)
**Author:** [@A\_Monty](https://www.mineralrightsforum.com/u/A_Monty)\ **Replies:** 3\ **Last updated:** [July 16, 2024, 2:52pm UTC](https://www.mineralrightsforum.com/t/tarrant-county-tx-property-tax/76457 "2024-07-16T14:52:30Z")
I inherited a small producing mineral interest in Parker County, and they immediately started sending tax bills without any action on my part. I inherited minerals under a residential parcel in Tarrant County and have ne… --- ## [Tax Appraisal District valuation challenge](https://www.mineralrightsforum.com/t/tax-appraisal-district-valuation-challenge/75881)
**Author:** [@min4me](https://www.mineralrightsforum.com/u/min4me)\ **Replies:** 18\ **Last updated:** [June 28, 2024, 3:50am UTC](https://www.mineralrightsforum.com/t/tax-appraisal-district-valuation-challenge/75881 "2024-06-28T03:50:43Z")
Is it possible to successfully challenge the tax appraisals put out by the tax appraisal districts? I am a very small NPRI owner (percentage-wise, not stature). It seems to me the appraised value should have a correlatio… --- ## [NRA/Backup (Income Tax) Withholding?](https://www.mineralrightsforum.com/t/nra-backup-income-tax-withholding/75503)
**Author:** [@JPCIII](https://www.mineralrightsforum.com/u/JPCIII)\ **Replies:** 8\ **Last updated:** [May 8, 2024, 9:51pm UTC](https://www.mineralrightsforum.com/t/nra-backup-income-tax-withholding/75503 "2024-05-08T21:51:52Z")
Hello, I received a new royalty check from my late father’s mineral interest in Garvin County, Oklahoma in 02/2024 that I inherited. On the production statement, the bottom line “Owner Check Amount” it shows a line calle… --- ## [Tax Depletion / Tax Basis / Capital Gains](https://www.mineralrightsforum.com/t/tax-depletion-tax-basis-capital-gains/75443)
**Author:** [@jdwhite2](https://www.mineralrightsforum.com/u/jdwhite2)\ **Replies:** 6\ **Last updated:** [May 7, 2024, 8:48pm UTC](https://www.mineralrightsforum.com/t/tax-depletion-tax-basis-capital-gains/75443 "2024-05-07T20:48:24Z")
I’m a tax accountant in Houston, Texas and wanted to share some general information regarding the federal rules regarding tax depletion, tax basis, and capital gains since it looked like member questions pop up frequentl… --- ## [State tax witholding?](https://www.mineralrightsforum.com/t/state-tax-witholding/74361)
**Author:** [@Rhinomoney](https://www.mineralrightsforum.com/u/Rhinomoney)\ **Replies:** 9\ **Last updated:** [May 2, 2024, 4:18pm UTC](https://www.mineralrightsforum.com/t/state-tax-witholding/74361 "2024-05-02T16:18:31Z")
I have very small joint venture shares in Colorado, Oklahoma, and Texas. Do most people have the states withhold their taxes or file separately and pay after the fact? Newby here. What is the best, easiest, etc. way to h… --- ## [Federal Income tax & State (Oklahoma) tax withholding](https://www.mineralrightsforum.com/t/federal-income-tax-state-oklahoma-tax-withholding/75310)
**Author:** [@Bruce\_Neely](https://www.mineralrightsforum.com/u/Bruce_Neely)\ **Replies:** 3\ **Last updated:** [April 25, 2024, 1:24am UTC](https://www.mineralrightsforum.com/t/federal-income-tax-state-oklahoma-tax-withholding/75310 "2024-04-25T01:24:41Z")
Is the producer required to withhold the taxes? Mine didn’t. Additionally, what is the normal time frame to receive a D O? Am being paid but 13 months and no D O. --- ## [How to add the depletion](https://www.mineralrightsforum.com/t/how-to-add-the-depletion/75146)
**Author:** [@Sandra\_J\_McQuade](https://www.mineralrightsforum.com/u/Sandra_J_McQuade)\ **Replies:** 6\ **Last updated:** [April 16, 2024, 4:59pm UTC](https://www.mineralrightsforum.com/t/how-to-add-the-depletion/75146 "2024-04-16T16:59:35Z")
I live in California and we’re trying to find the line on my 511 NR for the additional 7% on Oklahoma side. The 15% is a no-brainer on your Sch. E for the Fed side. Since learning about the 22% for Oklahoma we’re stuck. … --- ## [Depletion Deduction](https://www.mineralrightsforum.com/t/depletion-deduction/74625)
**Author:** [@smittyz4755](https://www.mineralrightsforum.com/u/smittyz4755)\ **Replies:** 25\ **Last updated:** [April 13, 2024, 5:26pm UTC](https://www.mineralrightsforum.com/t/depletion-deduction/74625 "2024-04-13T17:26:36Z")
Like many forum members, I am working on 2023 taxes. My wife and I have been doing our taxes using mineral software and TurboTax. I am retired but had consulting partnerships and have handled my own taxes for years. We … --- ## [1099 Question](https://www.mineralrightsforum.com/t/1099-question/74958)
**Author:** [@William\_Hughes](https://www.mineralrightsforum.com/u/William_Hughes)\ **Replies:** 2\ **Last updated:** [April 3, 2024, 1:59pm UTC](https://www.mineralrightsforum.com/t/1099-question/74958 "2024-04-03T13:59:54Z")
I receive a 1099 from Chesapeake Energy for mineral rights in Texas. The only boxes that have any numbers are Box #2 and Box #18. On the back side of the 1099, there are amounts noted as PROD and DEDUC and finally NET IN… --- ## [Would a mineral sale lump sum affect my social security?](https://www.mineralrightsforum.com/t/would-a-mineral-sale-lump-sum-affect-my-social-security/74873)
**Author:** [@fjonesiv](https://www.mineralrightsforum.com/u/fjonesiv)\ **Replies:** 7\ **Last updated:** [March 27, 2024, 10:47pm UTC](https://www.mineralrightsforum.com/t/would-a-mineral-sale-lump-sum-affect-my-social-security/74873 "2024-03-27T22:47:52Z")
If I were to receive a large (~let’s just say $1 million) lump sum for the sale of my mineral interest (assume it’s all gain - i.e., no basis), will this affect my Social Security income? I’m retired. I’m looking for an… --- ## [Do gas royalties count as earned income when receiving SS at 62](https://www.mineralrightsforum.com/t/do-gas-royalties-count-as-earned-income-when-receiving-ss-at-62/74123)
**Author:** [@Capray](https://www.mineralrightsforum.com/u/Capray)\ **Replies:** 7\ **Last updated:** [March 26, 2024, 2:42pm UTC](https://www.mineralrightsforum.com/t/do-gas-royalties-count-as-earned-income-when-receiving-ss-at-62/74123 "2024-03-26T14:42:47Z")
Do royalties count as income when getting Social Security at 62? --- ## [IRS Percentage Depletion Deduction for 2023](https://www.mineralrightsforum.com/t/irs-percentage-depletion-deduction-for-2023/74846)
**Author:** [@jdub](https://www.mineralrightsforum.com/u/jdub)\ **Replies:** 4\ **Last updated:** [March 20, 2024, 2:13pm UTC](https://www.mineralrightsforum.com/t/irs-percentage-depletion-deduction-for-2023/74846 "2024-03-20T14:13:34Z")
In past years I determined my Depletion amount (line 18 on Schedule E \[Form 1040\]) by referring to instructions in IRS Publication 535 (Business Expenses). I used the Percentage Depletion which seemed pretty simple and s… --- ## [Sale of mineral rights and Taxes](https://www.mineralrightsforum.com/t/sale-of-mineral-rights-and-taxes/74851)
**Author:** [@Davidstamm](https://www.mineralrightsforum.com/u/Davidstamm)\ **Replies:** 0\ **Last updated:** [March 19, 2024, 6:16pm UTC](https://www.mineralrightsforum.com/t/sale-of-mineral-rights-and-taxes/74851 "2024-03-19T18:16:46Z")
I sold mineral rights in Tyler County, West Virginia last summer. My great grandfather sold the land in 1919, but retained a portion of the underlying mineral rights. I’m a little confused about how a 1099-S is handled o… --- ## [OK tax refund](https://www.mineralrightsforum.com/t/ok-tax-refund/73949)
**Author:** [@Lost\_Aggie](https://www.mineralrightsforum.com/u/Lost_Aggie)\ **Replies:** 5\ **Last updated:** [March 19, 2024, 2:22am UTC](https://www.mineralrightsforum.com/t/ok-tax-refund/73949 "2024-03-19T02:22:33Z")
Has anyone else seen significant delays in receiving a tax refund from OK? They asked us for original copies of 1099s last May, after we filed on time. We still haven’t received the refund due and our CPA said she has se… --- ## [Depletion Allowance on Court Settlement](https://www.mineralrightsforum.com/t/depletion-allowance-on-court-settlement/74336)
**Author:** [@LeeSE](https://www.mineralrightsforum.com/u/LeeSE)\ **Replies:** 6\ **Last updated:** [March 18, 2024, 6:32pm UTC](https://www.mineralrightsforum.com/t/depletion-allowance-on-court-settlement/74336 "2024-03-18T18:32:56Z")
Last year I received a payment from a class action lawsuit (Hogg v. Trinity) seeking recovery of underpayments of gas royalties. Had the royalty been paid directly, it would have been eligible for the depletion allowance… [Previous page](https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?no_subcategories=false) [Next page](https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?no_subcategories=false&page=2)