I've been reading the content on this forum off and on for most of a yr and I will say I hugely appreciate both this content and it's accuracy.
This is a re-post plus a little so I'll start w an explanation, apology and a request for dialogue. I posted this question last Sunday and I'm not sure what has happened but there's been no reply. I noted that my March 25th post was lighter than all the others and I'm unsure if there's significance to that. I think this is an appropriate question for this forum ... apologies if it isn't and guidance is needed. Pls let me know what has happened.
***Here's my question ... Regarding IRS, I can take a depletion allowance of 15% of our share of gross royalties and a transportation allowance as shown on 1099 statement. How can I claim depletion w CRA?
***A second question ... 2010 oil revenue was filed w IRS as married/joint return but claimed total oil royalty income in Ca as married filing separate (the one who's receiving the royalty). Is this ok?
Thank you in advance, drmi
.... & pls let me know what's happened as I'm new to this process.
repost - oil royalty income from US
Moderator: Mark T Serbinski CA CPA