Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
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
1,783 satisfied customers
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
Tax Advisor
Bachelor's Degree Equivalent
40,323 satisfied customers
How does your site work? I have a 1065 K-1 with line 13T
I have a 1065 K-1 with line 13T Domestic production activities information, line 20P section 453A(C) information and 13J intangilble drilling costs or sec 59(e)(2) expenditures. … read more
taxmanrog
taxmanrog
Master's Degree
1,783 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
40,323 satisfied customers
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
Tax Advisor
Bachelor's Degree Equivalent
40,323 satisfied customers
Does a code J on a K1 mean that the figure on the K1 can be
Does a code J on a K1 mean that the figure on the K1 can be charged off on as Intangible Drilling Costs and a Code T as production cost or Leasehold Cost or amortized as Tangible Costs in a oil well d… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
I have a client that received a K-1 that shows intangible drilling
I have a client that received a K-1 that shows intangible drilling costs (Line 13 J). I'd like to deduct all of the expense on this year's return but can't figure out how to report the expense. Thanks… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
Ed do I show IDC on form 1065 (manager managed LLC) and if
Ed do I show IDC on form 1065 (manager managed LLC) and if so what line would it go into…….Line 13d? Then do I show on K-1 as code W in Part III line 13 or do I just send a letter to partners telling … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,255 satisfied customers
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
40,323 satisfied customers
Clients wants to invest $50k into Oil & Gas drilling. Their
Clients wants to invest $50k into Oil & Gas drilling. Their total income is about $900k with an estimated AMT of $1,950. If they receive a K-1 for the $50k, can they take the full loss on form 1040, s… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,323 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
2,692 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
Tax Advisor
Bachelor's Degree Equivalent
40,323 satisfied customers
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
Tax Advisor
Bachelor's Degree Equivalent
40,323 satisfied customers
I have a K-1 and in Box 13 Other Deductions, there is a J*
I have a K-1 and in Box 13 Other Deductions, there is a J* and $15,831. The 15,831 refers to intangible drilling costs. I am an active participant in the partnership in whic we drilled an oil well 2 y… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
Which form do I use to deduct dry hole expense for drillg for
Which form do I use to deduct dry hole expense for drillg for oil when no K-1 is involved?… read more
Anne
Anne
Master Tax Preparer
2,500 satisfied customers
How do you handle Excess Drilling Cost from an Oil & Gas Partnership
How do you handle Excess Drilling Cost from an Oil & Gas Partnership on a 1020S tax return? The partnerships K-1 has it under #20 T (depletion) and the attachment says Excess Intangible Costs. Help.… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 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
1,796 satisfied customers
Where does an individual claim the intangible drilling and ...
Where does an individual claim the intangible drilling and development cost associated with oil and gas wells?… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,937 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x