I received $421 in 2019 for an oil lease on a property in OK. I have not received any paperwork from the oil/gas co. Do I need to file this on Schedule E?

posted

Connect with an expert

1 Reply

I received $421 in 2019 for an oil lease on a property in OK. I have not received any paperwork from the oil/gas co. Do I need to file this on Schedule E?

The payor is not required to issue you a 1099-MISC if they paid you less than $600 in the tax year. But that does not negate your requirement to report the income. So you will still report the income on SCH E.

Still have questions?