I also get 2 - 1099-NECs that list nonemployee compensation. Up in the top right corner on one 1099-NEC, it lists "Other Deductions $___) & Net $ ___). On the Other 1099-NEC, it lists nonemployee compensation in Box 1 and on top right corner of page it lists "Other deductions $____, Production Taxes $_____, AR Netting $___ and Net $___. My question is: Does both these two -1099-NECs go on Schedule C and if so where do the "Other deductions, Productions Taxes, GO? Do I do anything with AR Netting?
On the two 1099-MISCs for Royalties, up in the top right corner on one it lists "Other Deductions $_____ & Net $____); on the other 1099-MISC for Royalties, up in the top right corner it list "Other Deductions $_____; Production Taxes, & Net $_____). I know it goes on Schedule E, but I am not sure about the Other deductions or Production Taxes? Also someone told me I could do depletion by taking 15% of owner gross value. Would owner gross value be the amount of adding all four 1099s (NECs & MISCs) together to get the owner gross value and then take 15% of that amount for the depletion?
Your help is much appreciated.
