PatriciaV
Expert Alumni

Investors & landlords

@mariovv

You cannot report this activity as if it is a partnership or corporation. In the absence of formal legal structure, you should report all income and expenses from this activity on Schedule C as an Oil/Gas business. Entering the information in this section of TurboTax will allow you to report accurately without the need for a tax id from an entity that does not exist.

 

from IRS Oil & Gas Handbook

  1. An individual taxpayer who owns a working interest reports income from the sale of oil and gas on of Form 1040, Schedule C. This income is considered trade or business income.

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