1099 from Statoil

Just received my 1099 from Statoil - the amount is double of what I received.  Spoke to other folks involved with Statoil and their 1099 shows that the amount is also double of what they received during the year.  Any one involved be sure to check the 1099 you receive fromStatoil.

Also no one is answering their phone calls or emails.

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Permalink Reply by Tico on February 9, 2013 at 12:06pm
Thanks linuxnut for your reply, it answered some questions in had, really appreciate it, Paul
Permalink Reply by linuxnut on February 17, 2013 at 7:28am

Hi Guys....   Just received a revised 1099 misc. from statoil...  The main difference from the previous ( apparently wrong ) 1099 misc., is now they only show  income sent in 2012 ( checks dated only in 2012 ). I had one check dated in jan 2013, but for gas taken out of wells in 2012. That jan check was included in the original erroneous 1099 misc.

That's the difference.   The amt. shown is still gross, and you still have to show your deductions  (-) yourself on the 1040 Schedule "E" form.  to come up with your net royalty income....   And don't forget the "depletion"  allowance deduction...

Enjoy

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