Lynn mudder
  • Beloit, OH
  • United States
  • Landowner
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Payment for pad classified as "damages". How is this treated for income tax? Taxable or not?

Started this discussion. Last reply by Jonathan H Mar 22, 2016. 1 Reply

We have received money for pad construction which the company specified as damages. Do we owe income tax for this? Want to do the right thing.

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Introduce Yourself
We obtained a good, owner, land friendly lease last July 08. Our relationship with our landman was a positive experience.obtained a new lease in 2014
What is your role?
Landowner
Which state(s) are you following?
Pennsylvania, Ohio
What shale plays do you follow?
Marcellus, Utica

Comment Wall (7 comments)

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At 11:46am on June 18, 2018, Marci Feustel said…

EQT got in touch with us.  They are leasing the families acreage.  They offered us $3,500 a acre with 15 percent royalaties.  We sent the offer to are lawyer.  Any thoughts on this?  Thank you.

At 8:27pm on May 29, 2018, Marci Feustel said…

I got in touch with the  property owners next to us they signed a lease with E.Q.T.  Should we contact them?  Just wondering  your opinion.  Thank you.

At 4:50am on May 17, 2018, Megan Torres said…
At 4:46am on May 17, 2018, Megan Torres said…

Hi Lynn. Yes, we were originally with Rice. I think the Dennis Cholak well pads are in the mentioned King Hippo unit? Communication, with Rice and EQT, has been terrible. I wish they were more transparent  with their development plans. 

At 12:33pm on February 25, 2018, Debra Lynn Pennell said…
Thanks. Have a lease with EQT and hope drilling starts soon in the Holbrook, Pa area. Nearing retirement this year and hoping for some supplemental income. Thanks. Debra Pennell
At 12:31pm on February 25, 2018, Debra Lynn Pennell said…
Have a lease with Rice/EQT that is set to expire Nov. 2018. No drilling but saw the pipeline in place. Any activity in the Holbrook area? Kind of hard to gauge what us going on from here in Virginia, but I try. Thanks. Debbie Pennell
At 3:04pm on November 23, 2009, Keith Mauck (Site Publisher) said…
Just wanted to touch base with you. Hope things are well and that this is a site where you can dive in and begin contributing. Please be sure to check out our county groups and see if there is a county you can participate in. Have fun "shaling."

Keith
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