repost - oil royalty income from US

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drmi
Posts: 22
Joined: Thu Mar 10, 2011 9:54 am

repost - oil royalty income from US

Post by drmi »

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.
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