Dawson completed a 3D seismic survey on our Reeves County, Texas property, and we received a 1099 with other income checked. Is this treated as rental income Schedule D, or is something else available?
Talk to your accountant. If you are the surface owner, you can certainly claim a portion as damages.
How long did it take for your seismic survey? Have you been contacted about a lease since?
Don’t know the results of the survey. But we were leased already through August 2016.
So, do I correctly understand that you already had a lease when they did the survey?
Mike Bourland said:
Don’t know the results of the survey. But we were leased already through August 2016.
Yes that’s correct.