Oil & Gas Asset Clearinghouse, LLC (“Clearinghouse”) founded in 1992, has successfully closed over 32,000 transactions involving more than 1,000,000 properties, generating more than $13.2 billion. These transactions include operated and non-operated producing working interests, overrides, royalties, minerals, and non-producing leaseholds. Some partners and I were Lessee's of some oil & gas leases that we held on to for over a year. We then sold all of the leases to a third party. No wells were drilled, so the only expenses we incurred were the cost of obtaining the leases (bonus payment to lessor). I would think this would be a long-term capital gain, but I am not sure how to report it in Turbotax. We offer free listings for those in the oil & gas industry to buy and sell drilling prospects, leaseholds, and well packages. You can also solicit joint venture partners, working interest partners, and list farm-out and farm-in proposals. First, register with us.