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Cost Depletion: A Valuable Tax Deduction for Royalty Owners



Background:
 The Internal Revenue Code allows a deduction known as “depletion” for oil & gas income. The depletion deduction could save a taxpayer thousands of dollars in income taxes. Since a mineral interest runs out eventually (depletes), the tax code allows the taxpayer to take a deduction to recoup the taxpayer’s investment in the property. The rationale behind this deduction is that, as an owner receives income from a producing mineral interest, the value of…

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Added by Patrick Flueckiger on February 12, 2018 at 10:30am — No Comments

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Cost Depletion: A Valuable Tax Deduction for Royalty Owners

Posted by Patrick Flueckiger on February 12, 2018 at 10:30am 0 Comments



Background:
 The Internal Revenue Code allows a deduction known as “depletion” for oil & gas income. The depletion deduction could save a taxpayer thousands of dollars in income taxes. Since a mineral interest runs out…

Continue

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