I received a large amount of money that had been turned over to the State of North Dakota unclaimed property. The check was from the State. The State says it does not supply 1099's that it is the responsibility of the oil company. Naturally the oil company says I have to get it from the State. Granted, the oil company involved here is XTO and they the WORST to try and work with, but has anyone else dealt with something like this?
Janie, do you even know if taxes were taken out before the money went to the state?
Both XTO and the State claim that no taxes were taken out of the monies.
Hi Janie,
Congratulations! Hope it was worth your dedication and time. I know how hard you worked to right a wrong.
You don't need a 1099 to report the net income. A copy of the check will do. However, you may be able to deduct the cost of earning the income. You had legal fees, perhaps some travel, and other costs. Talk to an oil and gas experienced accountant.
Your most important need is to convince XTO to put you on pay status for ongoing production income. That may take a legal notice. But you know many lawyers as I recall.
A pat on the back for a job well done.