Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
If a person inherited oil royalties between 1974 and Oct
If a person inherited oil royalties between 1974 and Oct 1990, that person cannot take the 15% depletion on schedule E. Is that correct? Even in 2018, right? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
I inherited gas & oil rights to a property in Ohio. I was
I inherited gas & oil rights to a property in Ohio. I was given a bonus by a oil & gas company to develop the oil & gas on this property. I physically do not own the property only the oil & gas rights… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
26,853 satisfied customers
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.
7,719 satisfied customers
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
Retired
Bachelor's Degree Equivalent
35,718 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
2,039 satisfied customers
Perhaps a challenging one here... Various clients invested
Perhaps a challenging one here... Various clients invested in oil and gas domestic exploration partnerships over the past few years. Law allows immediate write-off of substantial portion of intangible… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
I inherited oil & gas mineral rights - tiny fractions of
I inherited oil & gas mineral rights - tiny fractions of ownership in several wells. An accountant is helping me revise some past returns & prepare the 2015 returns but I don't think he knows about th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 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
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
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
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
Dear Sir/ Madame,1) I personally invested a small amount
Dear Sir/ Madame, 1) I personally invested a small amount in a company named Luca Oil, LLC. I received a Form 1065 Schedule K-1. Box 14 Self employmet earnings (loss) , Code A $-3988 and code C: $2473… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
26,853 satisfied customers
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
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,096 satisfied customers
My husband inherited 3 oil wells from his uncle who purchased
My husband inherited 3 oil wells from his uncle who purchased them in 1957. The oil wells are working Interest wells. We have been told that we are entitled to 15% depletion benefits because they have… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,009 satisfied customers
For taxation of oil royalties, when percentage depletion is
For taxation of oil royalties, when percentage depletion is taken against zero cost basis, does a "negative basis" ensue, increasing the eventual taxable capital gain, or is the basis frozen at zero?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
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
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I just received your follow up email and thought I would also
I just received your follow up email and thought I would also follow up with further info that I have found in my own research regarding the question I had posed to this service on how to claim and/or… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
I am filling out Sch C for Business Profit & Loss, on Working
I am filling out Sch C for Business Profit & Loss, on Working Interest Oil & Gas. I need to know what figure to show for Depletion. All I have is a 1099 Misc form, box 7 has 4156.41, taxes are 201.92,… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,718 satisfied customers
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
Paul Taliefero
Paul Taliefero
Enrolled Agent
Bachelor Degree
110 satisfied customers
Can beneficiaries of a trust take percentage depletion on ...
Can beneficiaries of a trust take percentage depletion on the oil & gas royalty income of the trust when income is distributed to them.… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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

5,764 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

626 satisfied customers

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

Loren

Loren

Attorney

372 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

26,853 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,666 satisfied customers

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

< 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