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04/19/2013 at 09:23AM PDT
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MinotND
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04/03/11 11:45am PDT

Oil Lease Bonus Shown as Royalties

I have a customer who received a 1099-misc showing royalties in box 2, however the customer says the amount received was actually for a oil lease bonus he received. How should I report this and can I take a depletion deductoin?

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 No federal depletion on lease bonus.   I usually put it in the royalties field.

If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
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