It depends. You could arrive at a percentage of those taxes for the oil and gas portion. Find out if the city or county has any practice of using those minerals to arrive at the amount of real estate taxes for a property. If they don't use minerals in their formulas, then you would not have a deduction for any part of your real estate taxes.
Depletion is allowed at 15% of the royalty amount received each tax year (until and unless the tax law changes).
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
