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judys3
Level 6
July 18, 2023
Question

1099-Misc Exploration

  • July 18, 2023
  • 2 replies
  • 8 views

A tax customer has received a hefty 1099-Misc Rent from an oil company for Exploration.  Are there any expenses he is able to take? 

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2 replies

IRonMaN
IRonMaN
Level 15
July 18, 2023

"Are there any expenses he is able to take?"

Did he incur any expenses related to the income?

Slava Ukraini!
    J
    judys3Author
    Level 6
    July 18, 2023

    There are no "actual" expenses the landowner incurred as it was for exploration.  I didn't know if there was something that I haven't found as far as being able to deduct a certain percent for property use.

    Accountant-Man
    Accountant-Man
    Level 13
    July 18, 2023

    Yes, the expenses that he paid.

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