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Get your taxes done using TurboTax
No, that should not make a difference. You are only concerned about reporting the royalty from the lease and the only expenses you may deduct are intangible drilling and development costs, operating expenses, geological and geophysical expenses, production taxes, and depletion expenses. in other words, any direct expense related to the operation of the oil and gas lease.
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‎January 15, 2025
2:11 PM