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Lev, Do you know if you can deduct depletion on royalty
Hi Lev,Do you know if you can deduct depletion on royalty income (partnership K-1) on Schedule E in ADDITION to the depletion taken on gross oil and gas income for the same partnership? Is the royalty… read more
Lev
Lev
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I have 3 family partnerships K-1s..Domestic limited partners
Hi Roger,I have 3 family partnerships K-1s..Domestic limited partners invested in oil and gas.Line 1 is -2139 for business income. Lines 2, 4 and 7 are no problem, of course. I understand 13 I shows t… read more
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Received an unexpected royalty on a country property
Received an unexpected royalty for oil on a country property we own, Is this money taxed like other income at the same rate etc?… read more
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My husband died in 2011. Last year I received a 1099 Misc
My husband died in 2011. Last year I received a 1099 Misc for Oil & Gas royalties. When I couldn't get anyone at oil company to answer my questions when filing my 2014 taxes, I just sent in an extensi… read more
Stephen G.
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My mother passed away in 2014 and what we thought was her
My mother passed away in 2014 and what we thought was her final return was filed. My father has not had her will probated yet. She received a 1099 misc for $22.64 for oil royalties in 2015. All the cu… read more
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My wife and I are retired and live in Texas. One source of
Hello, my wife and I are retired and live in Texas. One source of income is a small oil roylaty ownership. We receive a small check monthly. Recently, it was discovered that years of production had be… read more
emc011075
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How much money do we need to set aside irs taxes? our
how much money do we need to set aside for 2015 irs taxes ? our combined income from social security will be $28,000 plus a one time gas/oil lease payment of $17,000 .… read more
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Why can't I claim as a dependent a son who is in law school
Why can't I claim as a dependent a son who is in law school away from home though I easily provided more than half of his living expenses?… read more
Lev
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Hi Lane, I just decided not to even go there with my client.
Hi Lane, I just decided not to even go there with my client. I do have another question that someone else had helped me with but would like your view as well. I have a client with oil and gas well roy… read more
Lane
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Doctoral Degree
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I received a 1099 misc line 2 royaties is 15% allowed for depletion
I received a 1099 misc line 2 royaties is 15% allowed for depletion and received another 1099 misc line 1 that says rent same company I am assuming its royalties also. also on the 1099 line 2 royaltie… read more
Robin D.
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My father inherited some oil and gas rights. We had a long
My father inherited some oil and gas rights. We had a long process and had to hire a lawyer to sue for these rights, well we finally got them. So now he is about to receive some royalties from the rig… read more
Phillip B, EA
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I am no longer able to deduct rental loss on schedule E due
I am no longer able to deduct rental loss on schedule E due to income limits. Do I still need to file schedule E? Can I deduct the taxes on the property on my personal return? We get a small amount of… read more
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Earlier this year I inherited a percentage of gas & oil royalties
Earlier this year I inherited a percentage of gas & oil royalties in Colorado. This will be an ongoing income. The value of the royalties varies, based on several factors. The first half of this year … read more
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Hi my name is Maggie Bryant, I own property in Texas. In 2008
Hi my name isXXXXX own property in Texas. In 2008 I received a lease bonus for an oil and gas lease in the amount of $65,072.00, on the 1099 the oil company checked box c other inome. According to IRS… read more
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We are both on social security and are full time rvers do
We are both on social security and are full time rv'ers do we still have to file income tax and if so how much do we need to claim if we get other monies. /also we get oil royalties from montana how d… read more
Lev
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Bachelor's Degree Equivalent
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Can the IRS place what is called a continuous levy on oil
Can the IRS place what is called a "continuous levy" on oil royalties? I know they can with wages, but IRC 6331 is unclear to me whether this can be done on royalties or whether IRS must send out a se… read more
Marvin,EA
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Property/Income taxes if I buy property in another state
I live in California. If I buy land in New Mexico, will I have to then file an income tax ever year in New Mexico where they will have pay income tax in their state in addition to the income tax in Ca… read more
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1099 royalty from a natural gas well. Can an individual ...
1099 royalty from a natural gas well. Can an individual taxpayer just take 15% of the royalty as depletion on line 20 of Sch E?… read more
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