W9?
The only reasons I've had to fill out W9 forms in the past is for contract work for tax purposes.
Why do they need that information from you? You aren't working for them in any fashion, unless they are considering the work done to your property as "work".
You may have to pay taxes on that amount you received from them.
Welcome New User! ( Create Account | Sign In )
Question
Submitted 338 days ago...
Surface Damages (W9 Form)
We were recently given a check for a large sum of money from one of the local oil companies here in Texas for surface damages which will be done to our property shortly. We had to fill out a W9 Form for them. Can you tell me if this is something which we will need to report as additional income or since it is for damages done to our property we won't have to pay taxes on the money?
An info you can provide us with regarding this matter will be greatly appreciated.
Thank you very much in advance for your assistance or any info you maybe able to provide us with, it's greatly appreciated.
Answers
Answer 1 / 5
Submitted 338 days ago...
Answer 2 / 5
Submitted 338 days ago...
This is all new to us because we moved from Ohio to Texas just a few years ago. In Texas most people don't own their mineral rights, they only own the property. Whenever a drilling company decides to drill for oil, you don't have much to say about it, they just come in and you have to allow them to do so. Whenever they do come in and destroy your property for roadways, drilling platforms, etc, they will give you a check for a rather large sum of money for the destruction and use of your land. We were told that the W9 form is what they have to turn into IRS I guess to show where their checks and expenses goes, but I'm not sure.
It sounds like that they will turn in to the IRS the amount of money that they gave you to do this.
which in turn means you will need to pay taxes on this amount come April.
So be sure to save about 30-35% of it or something to be on the safe side for when you fill out your taxes for this year.
Maybe someone else will have more info on this.
Answer 4 / 5
Submitted 338 days ago...
Answer 5 / 5
Submitted 338 days ago...
This Question was awarded 303 days ago therefore you can no longer post an Answer. However you may post a comment below.
Add A Comment
Related Questions
Related Questions
Local tax code.
I live in new york city and i would like to know what my local tax code is. i am filling out...
View Question
W2 - 19. local income tax
It has been brought to my attention that a return may be filed on
"19. local income...
View Question
How do i find out if my non-profit organization has a tax exempt number already
I have recently been voted as the treasurer for our non-profit organization. this is a little...
View Question
Change of address for stimulus check
I recently moved to florida from wisconsin and filled out all the necessary forms with the...
View Question
Stimul paymeny check
My stimulus check has an incorrect name on it looks like an error was made on my tax form...
View Question
Foreign income, living in us & us resident
I am self-employed and do sub contracting work for a companies in canada and the us. i live...
View Question
What form do i need to receive my stimulus check
I am a senior that filed a 1040a. i didnt include my ss income, and havent recieved my stimulus...
View Question
How to get a form for rebate check,
I would like to know how to get a form, or a tax form to file for a rebate check, the goverment...
View Question
Wrong last name on my stimulus check
Dear sirs,
i recently received stimulus check, the amount of $300.00. my name should be...
View Question
Inheritance tax waiver form - illinois
My father passed away recently. as part of his retirement benefits package he had some life...
View Question
About |
FAQs |
Contact Us |
Member Agreement |
Privacy Policy |
Site Map |
Advanced Search
Copyright © WebAnswers 2008. All rights reserved.
