Our Blog
Will I receive a 1099 for the sale of my oil and gas interest to you?
Yes, we are required to report the sale amount of our transaction to the Internal Revenue Service and submit a 1099 to you. We are also required to withhold thirty (30%) percent of the sale amount if you do not provide us with your Social Security Number/Taxpayer Identification Number.
July 31, 2008 • FAQ
I pay ad valorem (property) taxes on my oil and gas interest each year – how is this handled if I sell my interests to you?
Depending upon the amount of taxes levied on your interest and the date your transaction is effective (property taxes are paid on a calendar year basis in nearly all oil/gas producing states), the tax is prorated between you and Russell T. Rudy Energy, L.L.C. However this issue is negotiable and we often include the payment… Read More
• FAQ
