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Do any of you know how to calculate depletion expense for a
Do any of you know how to calculate depletion expense for a 1065 K-1? Do I take 15% of the gross oil and gas income (17D)? If so, where does it go on the return -- Schedule E pg 1 or pg 2? If there is… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,214 satisfied customers
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
taxmanrog
Master's Degree
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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
27,913 satisfied customers
Investment section says I have an $816 loss carryover from
Investment section says I have an $816 loss carryover from 2016. Where do I enter that loss? I have the 5 person return package. … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
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I have two working interests in oil and gas wells where I am
I have two working interests in oil and gas wells where I am a general partner with unlimited liability. I have received K-1s for the first time with box 1 containing a loss for both, and box 13 ‘J' c… read more
Michael Hanley
Michael Hanley
Managing Partner
BBA
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I have a tax question. Two years ago i bought VNR (gas and
Two years ago i bought VNR (gas and oil partnership) at $18 per share for a total of 130,000 this stock is not selling for less than $1. This partnership is about to go bust. I would like to sell this stock at a loss and use the carry forward option with this loss. I have an IRA that I would like to cash in. My question is can I use part of this loss to cover the income for the sale of the IRA? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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RECEIVED A k-1 FROM PARTNERSHIP WITH OIL, GAS, GEOTHERMAL DEDUCTIONS
RECEIVED A k-1 FROM PARTNERSHIP WITH OIL, GAS, GEOTHERMAL DEDUCTIONS ARE THESE TO BE PUT ON TAX RETURN… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have a K-1 on line 13, "other deductions" under a subheading
I have a K-1 on line 13, "other deductions" under a subheading W of $31,442. There is also a schedule provided breaking down. My question is how do I account for this on the 1040 schedule E? The break… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Hi,A few questions on a partnership (hope its not too much):1)
Hi, A few questions on a partnership (hope its not too much): 1) Capital and basis: are basis and capital different? does a personal loan by a partner which was contributed to the business increase th… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I am one of two Members of a California LLC (taxed as a partnership)
I am one of two Members of a California LLC (taxed as a partnership) that opened a SIMPLE IRA account in 2013. The two Members made contributions last year, and we are now trying to figure out how to … read more
Anne
Anne
Master Tax Preparer
2,373 satisfied customers
If I set up a small business S Corporation can I report income
If I set up a small business S Corporation can I report income from oil & gas royalties as business revenue through the S Corp? If so, what would I classify the income as and what tax rate would apply… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
I have a k-1 for oil and gas: Part II G and H are checked J
I have a k-1 for oil and gas: Part II G and H are checked J = 0.75% K = 1682 L = a bunch of #s, Tax basis checked M = No checked Part III 1 = -1174 13 = J* STMT 14 = A, -1174 17 = E, 1174 20 = T* STMT… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
parnership return K-1 (box 1 - 1826), box 17 (D 3696, E
parnership return K-1 (box 1 = - 1826), box 17 (D = 3696, E = 5522), how should I enter the information in box 17 on my form 1040 or form 6251 (Alternative minimum tax)?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
How do I report oil&gas land rental income, if we run a family
How do I report oil&gas land rental income, if we run a family patnership on business,rental property and operate a farm as well, and the rental payment come in to just one partner my mother in this c… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,913 satisfied customers
In 2008 I was in a partnership with a person, and we provided
In 2008 I was in a partnership with a person, and we provided oil and gas field services. I provided equipment, materials and my time. I was only reimbursed for 80% of the supplies and none for the wo… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,913 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
1,809 satisfied customers
I have a schedule K-1. I entered all the info for part 3 of ...
I have a schedule K-1. I entered all the info for part 3 of that form. This increased my tax quite a bit. I also sold some of the units. (us nat gas fund UNG). I reported those on form 1099B. As the c… read more
Jim Revels
Jim Revels
Master's Degree
126 satisfied customers
I have a K-1 from an oil and gas partnership. I have lines ...
I have a K-1 from an oil and gas partnership. I have lines 1, 13, 14, and 20 filled out. What schedules are needed and where are these number placed on my individual tax forms? Nothing is noted in Lin… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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