Surface Damage From Oil Well Drilled

An oilwell was drilled on our property. We do not have royalty rights but were paid surface damages since they took up part of our land. We received a 1099 for Rentals from the land leasing company. Do we have to pay taxes on this money since it was actual damage to our property they were paying for?

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?