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C
CRM2182
Level 5
February 24, 2022
Question

Sale of Oil and Gas Assignments.

  • February 24, 2022
  • 4 replies
  • 20 views

Client sold his interest in his oil and gas assignments, in which the income from, was previously reported on Sch C. How does this sale need to be reported? 

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4 replies

S
SkylaneIntuit Community Champion
Intuit Community Champion
February 24, 2022

Form 4797?

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C
CRM2182Author
Level 5
February 24, 2022

Thanks. So the oil lease would be sale of non depreciable asset? How is the basis determined? 

qbteachmt
qbteachmt
Level 15
February 24, 2022

Schedule C = working the operation as a business. So, is he still Operating and sold an overriding interest? Or, did he only ever have the interest? What part was the Sched C operation?

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C
CRM2182Author
Level 5
February 24, 2022

He is no longer operating. He owned a 1/3 of a single lease and sold his part for 6000.00. 

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