I need to know which form to use to file income and expenses from a gas royalty lawsuit. I generally qualify for free filing because of my low income and do my own taxes (turbotax in the past, but it was free for me then and will not be next year, so may use a different on-line service). I have not received any gas royalties nor incurred any expenses in 2016 EXCEPT past proceeds as a result of a lawsuit that was filed for “miscalculations” by the gas company. I received $424 so we are not talking a lot of money here. The total was probably double that and attorneys and fees got the other half. Do I file this on the same form as usual, since it is for underpayment in the past? There are no punitive damages included. It is money I should have received in the past but was shorted. Or does this go on another line since it was the result of a suit settlement?
Hi, when you say proceeds you were shorted, what was shorted? Royalties or was something sold by the company and you did not receive appropriate proceeds?
Also, was this investment a partnership (LP or MLP) or corporation?