Schedule E Royalty Income

LinkBack

Thread Tools

Search this Thread

Display Modes

#1 (permalink)

01-21-2014, 04:32 PM

teague6403 teague6403 is offline

Junior Member

Join Date: Jan 2014

Location: Texas

Posts: 1

Schedule E Royalty Income

I started receiving gas royalty payments in 2013 for a small percentage ownership of mineral rights. I believe I can take a percentage depletion of 15% to lower my income tax liability, is this correct? I also pay production tax and state environmental tax on the royalty income I receive. Are the production and environmental taxes I pay tax deductible?

« Reporting requirements when converting a rental property into a second home | Part Year Primary Residence / Part Year Rental »

Posting Rules
You may not post new threads You may not post replies You may not post attachments You may not edit your posts vB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks are Off

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
What are the tax deductions on Schedule A that are affected by Adjusted Gross Income(AGI)?	TaxGuru	Income	0	01-23-2012 12:50 PM
Income/Loss Reconciliation for Schedule K for 1120S	littlem	S-Corporation	2	01-23-2012 11:34 AM
Schedule C	mrbittler	Sole-Proprietorship	1	02-04-2011 01:24 PM
Losses from Schedule C exceeding Income!	merryjay	Sole-Proprietorship	2	03-27-2009 09:49 PM
How much of Tax preparation fees are deductible on Schedule A & Schedule C?	awkan	Sole-Proprietorship	1	03-23-2007 11:28 PM

» Categories

Ask TaxGuru?

Individual

» Income

» Estimated Taxes

» Capital Gains

» Itemized Deductions

» IRA/Sep

» Rental Real-Estate

» Alternative Minimum Tax

» Filing Requirements

» Sole-Proprietorship

» Medical

» Auto Expenses

» Social Security

» Tax Credit

» Depreciation

» Divorce Tax Issues

» Homeowner Tax

» Multistate

Corporations

» C-Corporation

» S-Corporation

» Limited Liability Company

» Payroll

» Multistate Tax Issues

» Non-Profit Organisation

» Trusts and Gift Tax Returns

Forum for CPAs

» CPA Forums

Financial Planning

» Estate Planning

» Retirement Planning

» Investment Strategy

» Education Planning

» Life Insurance

» Tax News

» Tax Calculators

» Downloads

» Contact Us

» Latest Tax Tips
How can I obtain the IRS 2021 Form W-7 with the...
IRS extends C Corporation filing date to May 17, 2021
Which Taxpayer Qualifies for Advance Payments?
How do you get a "147C Online- EIN Designation Confirmation...
What are the Foreign Earned Income Exclusion for 2019?

» Recent Tax Q&A
No Threads to Display.

» Free Downloads

Latest Files

What Are the Important Highlights Of 2010 Tax Law
EzWagez Payroll System
TurboCASH
AlauxSoft Accounts and Budget
Gas Mileage MPG Tracker