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Investors & landlords
Although you cannot depreciate the amount assigned to the oil & gas property, you must assign a value to it as it was also a property received in the trade.
If royalties are produced the depletion allowance is one way to have a deduction. Since minerals are a finite source and will eventually play out, the IRS code generally allows royalty owners to deduct up to 15% of the income from their mineral interests.
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March 22, 2023
12:54 PM