Skip to main content
December 24, 2024
Solved

1099 nec oil royalties

  • December 24, 2024
  • 1 reply
  • 0 views

I receive a 1099 nec for oil royalties.

I am a non employee and don't do anything to earn these royalties.

Why is it not a 1099 misc?

    Best answer by rjs

    If you have a working interest in the oil operations, the income is supposed to be reported on a 1099-NEC, in box 1, not on a 1099-MISC.

     

    1 reply

    rjs
    rjsAnswer
    Employee
    December 25, 2024

    If you have a working interest in the oil operations, the income is supposed to be reported on a 1099-NEC, in box 1, not on a 1099-MISC.