Income from oil and gas industry leases revealed taxable

TAX_SEASON

YOUNGSTOWN, Ohio (WKBN) – Over the weekend, several people began filing their tax returns.

On Saturday we reported how residents can get their taxes done for free through IRS Volunteer Income Tax Assistance.

We also talked with a YSU accounting professor who works with the program about what you need to know if you signed an oil and gas lease.

He said that income is taxable.

“There are some misconceptions out there that it’s royalty, but it’s not, it’s taxable income. Once the oil or gas well starts producing  then that income is royalty income,” said YSU Accounting professor, Ray Shaffer.

The deadline to file taxes is April 15. It falls on a Tuesday this year.

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