Need a primer on oil and gas royalties

[Catherine]

Hi folks --

 

NO rush on this one; I'm putting these folks on extension.  Couple inherited oil and gas interests from parent of one of them, and this is the first time I am seeing anything this complicated.  There are three companies that sent 1099's for royalties.  Withheld tax in ND.  Severances and depletion and all kinds of arcane weirdness in page after page of spreadsheets and listings.  

 

After 4/15 but before I attempt this one, I would like to read me a good primer on how to deal with this.  So when I go back to all these documents, I have some idea of what I am looking for and how to treat it once I find it.

 

And yes, I already have the IRS pub's downloaded to their file.  What I want is something that makes sense, not IRS gobbledygook.

 

Thanks!

Edited March 26, 2015 by Catherine

[Elrod]

Catherine,  Try this...several additional places to look, hope it helps ya.

 

http://www.mineralweb.com/owners-guide/leased-and-producing/oil-and-gas-royalty-statement/

[Catherine]

Thank you, Elrod!

[Elrod]

You're welcome.