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K-1 from Partnership Oil and Gas Investment. This is the
K-1 from Partnership Oil and Gas Investment. This is the first year of the investment. Contributed $12,000 and was told could take the entire $12,000 as a deduction this year as intangible drilling co… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
I have a question about IDC (Intangible Drilling Costs) tax
I have a question about IDC (Intangible Drilling Costs) tax deduction. I made an investment of $50K in a fund that produce oils through drilling. They have sent me a K-1 with -42500 in box 17E. My CPA… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
Have a working interest in an oil well. YTD investment of
have a working interest in an oil well. YTD investment of $24K and oil/gas income of $820. I assumed i would report on schedule C ..income of $820 and depletion allowance of $18.9K? That said, there i… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
797 satisfied customers
I need advice on the entry of a complicated Oil and Gas K1 into ATX fr
I need advice on the entry of a complicated Oil and Gas K1 into ATX from someone with Oil and Gas Experience. There is income, IDC, percentage (and cost) depletion and royalties from a limited partner… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
Cost basis % assignment of future oil and gas produced
I HAVE A COWORKER WHO'S HUSBAND PASSED AWAY IN 2014. They received a check for rents in the amount of 138,128 and it was reported on Sched E in 2013 with no depletion. Not sure if they could deplete a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
I am asking about any special forms I should fill out
I am asking about any special forms I should fill out for a single oil well I have invested in. Several years ago I invested $50,000 in an oil well. It produced oil and natural gas for several years, … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
I inherited royalty interest in oil and gas properties handed
I inherited royalty interest in oil and gas properties handed down from my grandmother to my mother, and then to me. Last year, for a few months anyway,I received what for me were large checks. Approx… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
Does a code J on a K1 mean that the figure on the K1 can be
Does a code J on a K1 mean that the figure on the K1 can be charged off on as Intangible Drilling Costs and a Code T as production cost or Leasehold Cost or amortized as Tangible Costs in a oil well d… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
In 2012 I invested in a working interest in 2 oil wells and
In 2012 I invested in a working interest in 2 oil wells and have the following questions: Can i write off 100% of the investment on my taxes for 2012? How do i report the income & expenses (IDC)? Do I… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
I received the following tax considerations for 2011. These
I received the following tax considerations for 2011. These are IDC's are from total 2011 invoices for an oil and gas well project in TX My The Intangible costs came to $29,523 and Tangable costs came… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,169 satisfied customers
Ok, thanks for that Lev. So is there anyway you can see that
Ok, thanks for that Lev. So is there anyway you can see that I can avoid or reduce the withholding tax? (We have paid directly for our share of tangible and intangible assets and lease bonus costs, al… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
During 2011 I invested in a scavenger oil company as a "working
During 2011 I invested in a scavenger oil company as a "working interest", received about $1200 which was reported on a 1099 misc line 3 as other income. I'm not sure where to report the income on the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
At the end of 2011 I became a Working Interest Owner in 2 oil
At the end of 2011 I became a Working Interest Owner in 2 oil wells. I am not a partner. I received an AFE and paid my portion of the drilling costs for each well, both tangible and intangible costs. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
Towards the end of 2011 I invested $15k in an oil drilling
Towards the end of 2011 I invested $15k in an oil drilling project (the Baskin Fee Prospect). I would like to know how to report this investment on TurboTax Online. They don't expect to start pumping … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
If i write a check for lease costs in one year and the well
If i write a check for lease costs in one year and the well is drilled unsuccesfully in the first three months of the next year, can the costs be deducted in the year the check was written?… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I am a self-employed engineering consultant. My business is
I am a self-employed engineering consultant. My business is a sole proprietorship, so I compute my earnimgs on Schedule C. My wife is a homemaker with no outside income, so we file a joint return. Thi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I have $194 listed on a K-1 as intangible drilling cost from
I have $194 listed on a K-1 as intangible drilling cost from an oil and gas exploration company. It is listed in box 13 as "other deductions". The explanation for the K-1 says section 59e expenditures… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
i live in kansas. my federal income tax bracket is 28%. my ...
i live in kansas. my federal income tax bracket is 28%. my cousin is a geologist and is drilling an oil well and wants me to invest $30,000.00 in this venture.I would like to know how much of this $30… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,569 satisfied customers
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