After you receive payment for our acquisition of your oil and gas interest, we will record the conveyance instruments in the appropriate County Records – upon our receipt of the recorded documents from the County Clerk(s), we will provide a copy to you – this will be your record of our transaction and that your… Read More
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.
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