Have a working interest in a gas well, my 1099 -misc has 3130in box 7, where do i put the taxes, operating costs and sustained depletion? the net income received was 922
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davirobw
New Member

Have a working interest in a gas well, my 1099 -misc has 3130in box 7, where do i put the taxes, operating costs and sustained depletion? the net income received was 922

hi, i have a working interest in a gas well, my 1099 -misc has 3130.00 in box 7, where do i put the taxes, operating costs and sustained depletion? the net income received was 922.68

1 Reply
MikeT1
New Member

Have a working interest in a gas well, my 1099 -misc has 3130in box 7, where do i put the taxes, operating costs and sustained depletion? the net income received was 922

Being that you received a 1099-MISC with box 7 (non-employee compensation) you can deduct the expenses you described on Schedule C - Profit and Loss form business. You will also be subject to Self-Employment tax if you have a profit in this business.

I recommend you go through the questions carefully. There may be more deductions there that you didn't mention in your question.

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