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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
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Bachelor's Degree Equivalent
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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
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Doctoral Degree
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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
Tax Advisor
Bachelor's Degree Equivalent
40,413 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
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Bachelor's Degree Equivalent
40,413 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
Tax Advisor
Bachelor's Degree Equivalent
40,413 satisfied customers
I recently participated with an oil company in drilling and
I recently participated with an oil company in drilling and completing an oil well. My costs for drilling amount to $56,000.00. I am wondering if these costs are deductible and what form do you fill o… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,413 satisfied customers
can i get any tax deduction for purchasing a working interest
can i get any tax deduction for purchasing a working interest in a an existing and producing oil well?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Hello, Can you help with questions concerning my working interest
Hello, Can you help with questions concerning my working interest ownership of some oil and gas wells? Also, I have some questions concerning my Self directed Roth and 401(k) plans. Regards, Bill… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,413 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
Tax Advisor
Bachelor's Degree Equivalent
40,413 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
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RE: Oil and Gas Investments Direct participation in oil
RE: Oil and Gas Investments Direct participation in oil and gas can generate several tax benefits. These benefits range from large up front deductions for intangible drilling costs (IDC), to tax credi… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,413 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
Tax Advisor
Bachelor's Degree Equivalent
40,413 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
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Bachelor's Degree Equivalent
40,413 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
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Bachelor's Degree Equivalent
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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
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Bachelor's Degree Equivalent
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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
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Bachelor's Degree
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On an oil and gas working interest investment made i 2010,
On an oil and gas working interest investment made i 2010, the well failed to work and the lease was lost all in 2010, what schedule do you use to report this actvity as an individual?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,413 satisfied customers
Do you have an Oil & Gas Accountant who can advise me on how
Do you have an Oil & Gas Accountant who can advise me on how to enter intangible drilling expenses for a working interest on a schedule C?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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