Sold Mineral Interest; Settling with Royalty Company

Accounting and Taxes
1

I sold my mineral rights back in 12/2019, and kept receiving royalty payments through April 2020. After the payments stopped coming to me, I paid all of those royalties to the company (Revere Resources) that bought my mineral interests.

For 2020 tax purposes, How do I settle with Revere Resources for tax purposes? Do I send a form to them, or should they be sending me a form. As for the IRS, EOG sent me a 1099-MISC statement.

Any help would be appreciated, please let me know if you have any questions.

Regards,

2

You need to send a 1099-misc form to Revere for the amount you paid them unless the amount paid is less than $600.00.

3

Thanks!

Regards,

Bill

4

This topic was automatically closed after 90 days. New replies are no longer allowed.