Dawson completed a 3D seismic survey on our Reeves County TX property and we received a 1099 with other income checked. Is this treated as rental income schedule D or is something else available?
Talk to your accountant. If you are the surface owner, you can certainly claim a portion as damages.
How long did it take for your seismic survery? Have you been contacted about a lease since?
Don’t know the results of the survey. But we were leased already through August 2016.
So, do I correctly understand that you already had a lease when they did the survey?
Mike Bourland said:
Don't know the results of the survey. But we were leased already through August 2016.
Yes that’s correct.