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bryanperson
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- Posted Re: Deduction for property improvement on Deductions & credits. February 15, 2021 8:09 AM
- Posted Deduction for property improvement on Deductions & credits. February 11, 2021 2:56 PM
February 15, 2021
8:09 AM
It seems that I miss stated the problem. Its not about property improvement. Its about property damage. The oil company paid me to allow them to put in a road to the pad site and increase the size of the pad. In doing so, there was some timber taken out which I would have eventually sold to a timber company. Is there some way I can leverage this damage on my income tax?
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February 11, 2021
2:56 PM
I own property, not my home nor rent home, where there exists a pad for extracting natural gas in which mineral royalties are paid to me. I was paid $5000 by the mineral company for right-of-way to improve the pad and access road. Can I deduct $5000 for property improvement? If so, how do I enter that in Turbo Tax?
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