I have a question regarding my 2021 1099 from XTO. On the 1099, after deducting their expenses from the gross royalties, I arrive at around $620 more then the net expenses they show on the 1099. After contacting them they say that the only thing they are required to do is send the IRS the gross amount which is true. But I would like to know why they are missing $620 of expenses that I would be able to deduct on my return. I’ve tried two times to get an answer from them but they do not reply.
Anyone else have this problem?
What can I do to find out what this expense is?
I had the same problem. The revenue 1099 showed the revenue, taxes and deductions. You should also have a separate 1099 for “Interest”. Even after taking the 2 1099’s (revenue - taxes - deductions) + (interest) it still did not add up (off by about $5). When I received the 1099’s in the mail on the back (which you can’t see online) there was section for “reimbursements”. Once I added this in I balanced as expected.