I do not want to miss out on future deductions by not listing the cost now.
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No - The cost of your mineral rights is the cost basis in this capital asset. So when you sell it, you will deduct this cost basis from the sales price.
The IRS allows you to claim an additional write-off every year, called depletion, to compensate you for this. The depletion allowance varies, depending on the type of mineral and the method you choose
No - The cost of your mineral rights is the cost basis in this capital asset. So when you sell it, you will deduct this cost basis from the sales price.
The IRS allows you to claim an additional write-off every year, called depletion, to compensate you for this. The depletion allowance varies, depending on the type of mineral and the method you choose
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