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Hello ,I get a royalty payment from chevron every month .I

pay tax on that money...
Hello ,I get a royalty payment from chevron every month .I pay tax on that money quarterly .A amount of 2468.97 Chevron is now taking out 369.35 for pipe line use leaving a payment of 2099.62 .Can I use that 369.35 as a tax deduction . Thank you
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Answered in 4 minutes by:
7/15/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

If that amount is being taken from your royalty payment, you will not pay tax on that. You will only be responsible for tax on the net proceeds.

MyVirtualCPA :

So, you will only pay tax on $,2099.62 not the full amount

MyVirtualCPA :

as it is reduced by the $369.35

MyVirtualCPA :

Is there anything else that I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today.

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified
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Megan C
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