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Do I need to send 1099 forms to people I purchase mineral rights from?
I am a sole proprietor and purchase oil & gas rights from individual homeowners. Am I required to send any tax forms to the sellers, or the IRS? It appears that a 1099-MISC form would be inappropriate because the proceeds should be classified as long term capital gains, and not income.
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‎June 5, 2019
11:15 PM