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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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Bachelor's Degree Equivalent
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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
taxmanrog
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I have a client who receives oil royalties from North Dakota
I have a client who receives oil royalties from North Dakota Companies drilling on her land. She owns the land where the drilling takes place and leases the land to Conoco, Sunoco etc! Who is eligible… read more
Tax.appeal.168
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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
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I sold some of the minerals on my ranch and turned around and
I sold some of the minerals on my ranch and turned around and bought more ranch land and a small amount of minerals elsewhere. I did not get a 1099. Do I have to turn the entire amount of the sale on … read more
Mark D
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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
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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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I inherited some mineral interests when my mother died in 2002.
I inherited some mineral interests when my mother died in 2002. I receive monthly royalty payments from those interests. I just found out that my CPA had thought the royalties to be a return on an O &… read more
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I sold oil and mineral rights property in Texas last year.
I sold oil and mineral rights property in Texas last year. I inherited it in 1967. I have no records of its original price or value at the time I inherited it. I contacted the county where the propert… read more
Tax.appeal.168
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Do I pay self employment taxes on royalties from minerals
I get royalties from mineral rights that I own. Do I pay just regular taxes on this or do I also have to pay Self Employment tax? There appears to be a conflict between the IRS and Social Security on … read more
geedubya55
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Your Business Tax Question I have a client that owns a sole
Your Business Tax Question I have a client that owns a sole proprietorship that owns the mineral rights to a 50 acre parcel of land in Pennsylvania .His company does not own the property only the mine… read more
Stephen G.
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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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I just received your follow up email and thought I would also
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Lev
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Royalties from creative for-profit nonbusiness activities are
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does depletion allowance in oil and gas production apply to
does depletion allowance in oil and gas production apply to royalty owners or just working interest owners… read more
Ed Johnson
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my siblings inherited several (about 20) mineral royalties
my siblings inherited several (about 20) mineral royalties in mid 07, that year we received $14,000, in 2008 we received $28,000. We have an LLC and file 1065 & individual K1's for each member (6). I … read more
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Mother Sold Farm but retained Mineral Rights.She Died in ...
Mother Sold Farm but retained Mineral Rights. She Died in 1997. 4 children. Dec.2006-A Company wants to pay $166000.00 [41500 each] for Signatures. Tax Situation on Signature Money and Future Royaltie… read more
Jon Andrews
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I have a 0.3201000% interest in a gas well that produced ...
I have a 0.3201000% interest in a gas well that produced 51,000 million cubic feet of gas and 4041 barrels of oil in 2005. I received a 1099 Misc from the producer stating that I received $1,206.87 in… read more
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Tax.appeal.168

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