We received our 1099-MISC from Gulfport last week. It only lists the Gross Royalties amount. It does not itemize deductions taken or taxes withheld as in past years. When we contacted them and requested a corrected 1099 they stated that they will not provide one that itemizes those or the Net Income. This means that you will have to go back and total those items and then work with your CPA to ensure that you don't overpay your taxes. Also don't forget the 15% depletion allowance which comes off of the Gross Amount.

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Regarding the tax deductions, we receive royalties from a different company and they do not withhold any taxes. We have to make quarterly payments ourselves.  Does Gulfport with hold your state and federal taxes from each check?  Just curious thank you. 

No. But they do withhold the Severance Tax and the Ad Valorem Tax as specified in our lease.

Wish I had seen your post before I asked the same question.  Thanks so much for setting me straight.  This is such a good forum, and everyone is very helpful.

Thank you!


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