The answer to your question is dependent on a number of factors that you have not provided and may not even know. The first and most important is how the payments are reported to you? If this is a great deal of money you may wish to seek assistance from a professional tax adviser. If you are using one of the free tax e-file systems you may not be able to accomplish this task even if you knew what to do.How do you report an oil and gas bonus payment for federal taxes? What depletion deduction is permitted?
Schedule E for reporting, 15% for depletion
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