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Tax Law (Questions About Taxes)/pipeline damages/income/property taxes

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John Cline, EA ATA ATP wrote at 2013-04-15 01:23:09
I would add that the reason the oil and gas company did not report the damages to you on form 1099 was the fact that the oil company writes off damages as an operating expense.  If they would have reported as "perm. easement" the cost would be deducted over a period of years.




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Glenn D Schnabel

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I can answer most federal individual income tax questions. I can not provide legal advise.

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I have worked for a CPA firm for over 11 years. I have worked in private as well as government I have recently been running a tax preparation office, mainly focusing on individual income taxes

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