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Deductions for oil & gas royalty income
I received oil & gas royaty income for 2019 in the gross of amount of $2441. I am entitled to deductions to the gross amount for taxes that were withheld ,and also for Production Costs that were withheld, As an owner of oil and gas royalty rights, I'm also entitled to a deduction for depletion of 15% of the gross amount.
Your Schedule E Worksheet provides for taxes withheld, but not for depletion and Production Costs,whch would be reported on Schedule E, under Expenses on lines 18 and 19, respectively.
Please advise how I can include the deductions for depletion and Production costs.
‎June 18, 2020
4:46 PM