# Accounting and Taxes **URL:** https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?page=2 [Latest](https://www.mineralrightsforum.com/latest.md) · [Categories](https://www.mineralrightsforum.com/categories.md) · [Tags](https://www.mineralrightsforum.com/tags.md) **Page:** 3 --- ## [Received a 1099 but never cashed the checks](https://www.mineralrightsforum.com/t/received-a-1099-but-never-cashed-the-checks/74101)
**Author:** [@SafetyPin](https://www.mineralrightsforum.com/u/SafetyPin)\ **Replies:** 14\ **Last updated:** [March 8, 2024, 9:54pm UTC](https://www.mineralrightsforum.com/t/received-a-1099-but-never-cashed-the-checks/74101 "2024-03-08T21:54:26Z")
I received royalty checks last year that I never cashed due to unresolved discrepancies in what is owed to me. I am still waiting on the operator to fix them before cashing the checks. The producer sent me a 1099 and has… --- ## [Depletion deductions](https://www.mineralrightsforum.com/t/depletion-deductions/73807)
**Author:** [@Debra\_Belcastro](https://www.mineralrightsforum.com/u/Debra_Belcastro)\ **Replies:** 2\ **Last updated:** [February 22, 2024, 9:29pm UTC](https://www.mineralrightsforum.com/t/depletion-deductions/73807 "2024-02-22T21:29:21Z")
Can I deduct depletion and production tax on my IRS form? Little confused here. I know the depletion can be. But what about production cost? --- ## [Can taxes on lease bonus payment(s) be spread out?](https://www.mineralrightsforum.com/t/can-taxes-on-lease-bonus-payment-s-be-spread-out/74284)
**Author:** [@fjonesiv](https://www.mineralrightsforum.com/u/fjonesiv)\ **Replies:** 2\ **Last updated:** [February 16, 2024, 12:25am UTC](https://www.mineralrightsforum.com/t/can-taxes-on-lease-bonus-payment-s-be-spread-out/74284 "2024-02-16T00:25:36Z")
Can tax payments on lease bonus money be spread out over several years? Here’s the IRS statements on the topic: https://www.irs.gov/pub/irs-news/FS-13-06.pdf This seems to indicate that one probably ought to report wha… --- ## [Property taxes Garvin County](https://www.mineralrightsforum.com/t/property-taxes-garvin-county/73890)
**Author:** [@anon63990332](https://www.mineralrightsforum.com/u/anon63990332)\ **Replies:** 2\ **Last updated:** [January 22, 2024, 7:34pm UTC](https://www.mineralrightsforum.com/t/property-taxes-garvin-county/73890 "2024-01-22T19:34:06Z")
I am a Texas resident and I receive royalties on properties I own in Garvin County. Over the past 10 years, I have received $500-1000 annually. In 2023, I received over $20,000. I have never received a property tax bill.… --- ## [Well Tracking in Quickbooks](https://www.mineralrightsforum.com/t/well-tracking-in-quickbooks/73921)
**Author:** [@SMSTX1](https://www.mineralrightsforum.com/u/SMSTX1)\ **Replies:** 0\ **Last updated:** [January 22, 2024, 3:48pm UTC](https://www.mineralrightsforum.com/t/well-tracking-in-quickbooks/73921 "2024-01-22T15:48:30Z")
Does anyone use QuickBooks to track wells as an asset/production? If so, would love to hear how you have this set up. Thank you! --- ## [IDC deduction for a trust as a general partner](https://www.mineralrightsforum.com/t/idc-deduction-for-a-trust-as-a-general-partner/73057)
**Author:** [@brogochg](https://www.mineralrightsforum.com/u/brogochg)\ **Replies:** 6\ **Last updated:** [November 18, 2023, 2:46am UTC](https://www.mineralrightsforum.com/t/idc-deduction-for-a-trust-as-a-general-partner/73057 "2023-11-18T02:46:30Z")
I am interested in becoming an investor general partner in a drilling partnership using my revocable trust as the partner. I want to be a general partner to be able to take a tax deduction in the first year for a portion… --- ## [Depletion: A Tax Deduction for Royalty Owners](https://www.mineralrightsforum.com/t/depletion-a-tax-deduction-for-royalty-owners/25142)
**Author:** [@Patrick\_J\_Flueckiger](https://www.mineralrightsforum.com/u/Patrick_J_Flueckiger)\ **Replies:** 3\ **Last updated:** [October 12, 2023, 9:52pm UTC](https://www.mineralrightsforum.com/t/depletion-a-tax-deduction-for-royalty-owners/25142 "2023-10-12T21:52:43Z")
Owners of minerals and royalties may be interested to learn that the Internal Revenue Code (IRC) allows a deduction known as “depletion” for oil & gas income. The depletion deduction could significantly reduce a royalty … --- ## [Reeves CAD - New 2023 Appraisals - Permian MIPA wells](https://www.mineralrightsforum.com/t/reeves-cad-new-2023-appraisals-permian-mipa-wells/72286)
**Author:** [@TennisDaze](https://www.mineralrightsforum.com/u/TennisDaze)\ **Replies:** 0\ **Last updated:** [September 11, 2023, 2:11am UTC](https://www.mineralrightsforum.com/t/reeves-cad-new-2023-appraisals-permian-mipa-wells/72286 "2023-09-11T02:11:11Z")
Reeves County Appraisal District is sending out 2023 appraisal notices for wells which began producing in late 2022. Look for notices for the various MIPA wells which Permian Resources completed from September to Decembe… --- ## [Drilling and completion costs 150% of AFE](https://www.mineralrightsforum.com/t/drilling-and-completion-costs-150-of-afe/72063)
**Author:** [@Lee\_Clark\_Archer](https://www.mineralrightsforum.com/u/Lee_Clark_Archer)\ **Replies:** 17\ **Last updated:** [August 28, 2023, 11:36pm UTC](https://www.mineralrightsforum.com/t/drilling-and-completion-costs-150-of-afe/72063 "2023-08-28T23:36:44Z")
Got a well drilled and completed without any problems. Nothing broke down etc. Now the second largest WI owner is asking us to join him in an audit for our share of 15K. The AFE was 9.5 mil and the ending charges were ov… --- ## [LLC Taxes : How to handle](https://www.mineralrightsforum.com/t/llc-taxes-how-to-handle/71353)
**Author:** [@David\_Meinert](https://www.mineralrightsforum.com/u/David_Meinert)\ **Replies:** 12\ **Last updated:** [August 11, 2023, 9:32pm UTC](https://www.mineralrightsforum.com/t/llc-taxes-how-to-handle/71353 "2023-08-11T21:32:57Z")
Hello, My father owns an LLC. He and my mom are the only owners. When they pass, 3 children will be owners. The LLC has royalties from several states. How will taxes be handled? Will each sibling need to file taxes in e… --- ## [Colorado Department of Revenue Notice](https://www.mineralrightsforum.com/t/colorado-department-of-revenue-notice/71835)
**Author:** [@Linton\_Tomlin](https://www.mineralrightsforum.com/u/Linton_Tomlin)\ **Replies:** 11\ **Last updated:** [August 8, 2023, 1:26pm UTC](https://www.mineralrightsforum.com/t/colorado-department-of-revenue-notice/71835 "2023-08-08T13:26:11Z")
I have minerals in Texas, Production company is in Colorado. Do I have to file a Colorado tax return when I live in Texas where the minerals are? I got a notice from the Colorado Department of Revenue. --- ## [Receiving payments](https://www.mineralrightsforum.com/t/receiving-payments/71671)
**Author:** [@Debby](https://www.mineralrightsforum.com/u/Debby)\ **Replies:** 1\ **Last updated:** [August 3, 2023, 4:00pm UTC](https://www.mineralrightsforum.com/t/receiving-payments/71671 "2023-08-03T16:00:55Z")
I have just begun to receive royalties on a lease and trying to understand what my responsibilities are regarding taxes etc. I know that my three year lease has extended now that there is an active well. Some of the roya… --- ## [Deductions from Royalties](https://www.mineralrightsforum.com/t/deductions-from-royalties/71328)
**Author:** [@mregf](https://www.mineralrightsforum.com/u/mregf)\ **Replies:** 12\ **Last updated:** [July 9, 2023, 1:19pm UTC](https://www.mineralrightsforum.com/t/deductions-from-royalties/71328 "2023-07-09T13:19:38Z")
Can anyone point me to where I can find out what deductions oil operators are legally allowed to take from royalty payments? Specifically Wyoming. I still cannot understand how an operator can pull out $130,000 from a w… --- ## [Need 2022 Form 1099](https://www.mineralrightsforum.com/t/need-2022-form-1099/70693)
**Author:** [@Alice\_McLaughlin](https://www.mineralrightsforum.com/u/Alice_McLaughlin)\ **Replies:** 3\ **Last updated:** [April 27, 2023, 11:35am UTC](https://www.mineralrightsforum.com/t/need-2022-form-1099/70693 "2023-04-27T11:35:09Z")
I have lost/misplaced my 1099 Form for 2022. Where can I get another copy? --- ## [Line 16 of Schedule 1040 E](https://www.mineralrightsforum.com/t/line-16-of-schedule-1040-e/70575)
**Author:** [@Michelle\_Mitchell](https://www.mineralrightsforum.com/u/Michelle_Mitchell)\ **Replies:** 1\ **Last updated:** [April 18, 2023, 7:04pm UTC](https://www.mineralrightsforum.com/t/line-16-of-schedule-1040-e/70575 "2023-04-18T19:04:52Z")
I have worked with several CPAs that have not been able to assist me properly with Gas and Royalty income tax. Does anyone know if we can deduct severance taxes on line 16 of the 1040 Schedule E? --- ## [How Do I Report Unclaimed Property Payment on Tax Returns?](https://www.mineralrightsforum.com/t/how-do-i-report-unclaimed-property-payment-on-tax-returns/69627)
**Author:** [@Prefer\_Anonymous](https://www.mineralrightsforum.com/u/Prefer_Anonymous)\ **Replies:** 2\ **Last updated:** [April 16, 2023, 2:30am UTC](https://www.mineralrightsforum.com/t/how-do-i-report-unclaimed-property-payment-on-tax-returns/69627 "2023-04-16T02:30:43Z")
Hi, Folks, I am the trustee of a small family minerals trust. Late in 2022 the State of North Dakota unclaimed property division made a payment to the trust that was for mineral royalties that XTO Energy should have pai… --- ## [Midland Appraisal has sent 5 bills for my 2022 mineral taxes](https://www.mineralrightsforum.com/t/midland-appraisal-has-sent-5-bills-for-my-2022-mineral-taxes/70546)
**Author:** [@Hearsh](https://www.mineralrightsforum.com/u/Hearsh)\ **Replies:** 0\ **Last updated:** [April 15, 2023, 2:52pm UTC](https://www.mineralrightsforum.com/t/midland-appraisal-has-sent-5-bills-for-my-2022-mineral-taxes/70546 "2023-04-15T14:52:37Z")
I paid my original tax statement on time. Since then I have received three additional invoices which I paid. Today, April 14th, I received a 5th invoice. It looks like it could be the amount for the third invoice (which … --- ## [1099-misc form](https://www.mineralrightsforum.com/t/1099-misc-form/69733)
**Author:** [@Wyatt300](https://www.mineralrightsforum.com/u/Wyatt300)\ **Replies:** 4\ **Last updated:** [April 10, 2023, 12:39pm UTC](https://www.mineralrightsforum.com/t/1099-misc-form/69733 "2023-04-10T12:39:54Z")
I received a 1099-MISC tax form from Antero a week ago and the BOX 2 royalties was about 25% higher than the amount I received. It also listed owner deductions which was the difference between what I received and the amo… --- ## [Texas ad valorem tax question](https://www.mineralrightsforum.com/t/texas-ad-valorem-tax-question/70222)
**Author:** [@min4me](https://www.mineralrightsforum.com/u/min4me)\ **Replies:** 11\ **Last updated:** [April 6, 2023, 8:11pm UTC](https://www.mineralrightsforum.com/t/texas-ad-valorem-tax-question/70222 "2023-04-06T20:11:24Z")
Am I correct in believing that ownership of a producing well includes the operator, mineral interest owners, and royalty owners and the total of their interest will equal 100% with the operator typically holding the larg… --- ## [Reeves County New Tax Site](https://www.mineralrightsforum.com/t/reeves-county-new-tax-site/70379)
**Author:** [@Michaelericb](https://www.mineralrightsforum.com/u/Michaelericb)\ **Replies:** 2\ **Last updated:** [April 1, 2023, 2:43pm UTC](https://www.mineralrightsforum.com/t/reeves-county-new-tax-site/70379 "2023-04-01T14:43:44Z")
I went online today to the new Reeves County tax site. I own property with 7 other relatives. My name and the relatives’ names are listed at 100% ownership. Why wouldn’t it show me as 12.5% ownership (1/8 of 100%)? --- ## [Accountant needed](https://www.mineralrightsforum.com/t/accountant-needed/70307)
**Author:** [@acurmudgeon](https://www.mineralrightsforum.com/u/acurmudgeon)\ **Replies:** 2\ **Last updated:** [March 28, 2023, 1:34pm UTC](https://www.mineralrightsforum.com/t/accountant-needed/70307 "2023-03-28T13:34:17Z")
My aunt sold her minerals last year. Does anyone know of an oil and gas accountant in or near Waco to figure her basis? Thanks much. --- ## [Enerplus vs Hess Deductions](https://www.mineralrightsforum.com/t/enerplus-vs-hess-deductions/70296)
**Author:** [@Shaleguy](https://www.mineralrightsforum.com/u/Shaleguy)\ **Replies:** 2\ **Last updated:** [March 27, 2023, 7:40pm UTC](https://www.mineralrightsforum.com/t/enerplus-vs-hess-deductions/70296 "2023-03-27T19:40:43Z")
In 2021, several wells I own an interest in were sold by Enerplus Resources Corp to Hess Bakken Investments II, LLC. When Hess operated the wells, the transportation charges each month were roughly $8-$11 per barrel. Now… --- ## [Being charged county business taxes?](https://www.mineralrightsforum.com/t/being-charged-county-business-taxes/70278)
**Author:** [@SFOR](https://www.mineralrightsforum.com/u/SFOR)\ **Replies:** 1\ **Last updated:** [March 25, 2023, 7:30pm UTC](https://www.mineralrightsforum.com/t/being-charged-county-business-taxes/70278 "2023-03-25T19:30:13Z")
I own mineral rights in Williams County, North Dakota. I live in Oregon. I signed a lease for the mineral rights in 2017, received a signing bonus, and have been getting royalties. Recently I have been getting tax bills… --- ## [How to report "Owner Taxes" deducted that are NOT on the 1099](https://www.mineralrightsforum.com/t/how-to-report-owner-taxes-deducted-that-are-not-on-the-1099/69827)
**Author:** [@tmacfarm](https://www.mineralrightsforum.com/u/tmacfarm)\ **Replies:** 2\ **Last updated:** [March 25, 2023, 12:22pm UTC](https://www.mineralrightsforum.com/t/how-to-report-owner-taxes-deducted-that-are-not-on-the-1099/69827 "2023-03-25T12:22:49Z")
“Owners Taxes Withheld” are not reported on the 1099. How do I report/claim the amount on my income tax return? Where does that money that is deducted from the gross amount go? --- ## [Minimizing taxes on royalties](https://www.mineralrightsforum.com/t/minimizing-taxes-on-royalties/70091)
**Author:** [@tedthehead](https://www.mineralrightsforum.com/u/tedthehead)\ **Replies:** 8\ **Last updated:** [March 21, 2023, 2:46pm UTC](https://www.mineralrightsforum.com/t/minimizing-taxes-on-royalties/70091 "2023-03-21T14:46:56Z")
I own the mineral rights for an area in Colorado where it looks pretty sure they will be drilling multiple horizontal wells within the year. Based on neighboring existing wells and from estimates by the driller it would … --- ## [How to report depletion allowance where minerals are held in Sub-chapter S corporation](https://www.mineralrightsforum.com/t/how-to-report-depletion-allowance-where-minerals-are-held-in-sub-chapter-s-corporation/70151)
**Author:** [@Jay\_L\_Stone](https://www.mineralrightsforum.com/u/Jay_L_Stone)\ **Replies:** 1\ **Last updated:** [March 15, 2023, 10:08pm UTC](https://www.mineralrightsforum.com/t/how-to-report-depletion-allowance-where-minerals-are-held-in-sub-chapter-s-corporation/70151 "2023-03-15T22:08:13Z")
My mineral rights are held in a sub-chapter S corporation. I’m working on the corporation’s 2022 return that is due today. The instructions for the corporation state NOT to account for the depletion allowance on the corp… --- ## [Am I required to file OK income tax form?](https://www.mineralrightsforum.com/t/am-i-required-to-file-ok-income-tax-form/70089)
**Author:** [@Mary\_Johnson](https://www.mineralrightsforum.com/u/Mary_Johnson)\ **Replies:** 1\ **Last updated:** [March 10, 2023, 9:33pm UTC](https://www.mineralrightsforum.com/t/am-i-required-to-file-ok-income-tax-form/70089 "2023-03-10T21:33:51Z")
I receive a small amount from inherited mineral rights, and am wondering if I need to file an Oklahoma State income tax return yearly. I live in Michigan, the wells are in Kingfisher County. I do receive a 1099 and claim… --- ## [OXY Joint interest Summary Invoice](https://www.mineralrightsforum.com/t/oxy-joint-interest-summary-invoice/70017)
**Author:** [@Oceanlad](https://www.mineralrightsforum.com/u/Oceanlad)\ **Replies:** 2\ **Last updated:** [March 7, 2023, 3:42pm UTC](https://www.mineralrightsforum.com/t/oxy-joint-interest-summary-invoice/70017 "2023-03-07T15:42:51Z")
The folks who live in my deceased mother’s home sent me some mail which arrived recently. Quite a surprise as my mom has been gone for over 20 years. It was joint interest summary invoices for the past two months from OX… --- ## [Contango 1099](https://www.mineralrightsforum.com/t/contango-1099/69989)
**Author:** [@Rosswilliamsz](https://www.mineralrightsforum.com/u/Rosswilliamsz)\ **Replies:** 4\ **Last updated:** [March 6, 2023, 5:08pm UTC](https://www.mineralrightsforum.com/t/contango-1099/69989 "2023-03-06T17:08:41Z")
I have not received my 1099 from Contango for 2022 and it is the only thing left that I need to file my taxes. It’s almost impossible for me to “create” the 1099 from the checks they sent as two of them were missing the … --- ## [1099 not showing deductions & taxes](https://www.mineralrightsforum.com/t/1099-not-showing-deductions-taxes/69642)
**Author:** [@Chuck\_Kilgo](https://www.mineralrightsforum.com/u/Chuck_Kilgo)\ **Replies:** 3\ **Last updated:** [March 6, 2023, 12:20pm UTC](https://www.mineralrightsforum.com/t/1099-not-showing-deductions-taxes/69642 "2023-03-06T12:20:39Z")
If the 1099-MISC companies send out are going to reflect the Gross Royalty paid amount, why do they not have to reflect the Deductions and Taxes taken out of those payments? What’s the easiest way to calculate those tota… [Previous page](https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?page=1) [Next page](https://www.mineralrightsforum.com/c/accounting-and-taxes/12.md?page=3)