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Permalink Reply by craig on February 9, 2012 at 11:18am

I hate to say it but if your CPA is wondering about this point, I'd be looking for a new CPA. 

I don't konw the particulars but if you are an actual partner in the well then I  believe you can use a depletion allowance. I know Master Limited Partnerships (MLPs) pass through the credit to the unit holders.

Beyond that, I don't know.

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Permalink Reply by 0l1a6laz7smpf on February 9, 2012 at 12:22pm

I found some good information for all royalty owners at this site: (it includes some info about depletion credit)

http://www.sell-mineral-rights.com/mineral-and-gas-royalty-taxation...

just happened to just google search for natural gas depletion credit...I haven't used a CPA before, I guess I am learning about that.   Perhaps the CPA isn't in a drilling state.

 

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