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Apr
27
How do I file my investment in oil and gas wells? I didn’t last year can I make up for it this year?
Filed Under (United States) by investment
Confused as usual asked:
I have “interest” in 2 natural gas wells. The investment in minimal, but still I know somewhere/ somehow I can deduct all or part on my taxes, but don’t know how. Also, I invested in one last year and only reported the income, not the expense, can I now do it this year for last year’s investment? All help is WONDERFUL! Thanks!
SCOT
I have “interest” in 2 natural gas wells. The investment in minimal, but still I know somewhere/ somehow I can deduct all or part on my taxes, but don’t know how. Also, I invested in one last year and only reported the income, not the expense, can I now do it this year for last year’s investment? All help is WONDERFUL! Thanks!
SCOT
Comments
T C on 30 April, 2009 at 7:13 pm #
be worth your money to hire a tax man this year. You can file an amended form for last year, but it has to be done correctly.
bostonianinmo on 2 May, 2009 at 1:13 pm #
You don’t generally deduct investments. You pay taxes on the income that they generate. There are special treatments for oil and gas wells but you’d be well advised to seek professional assistance (CPA or tax attorney, not Block or Hewitt) as the rules are complex.
If this is for tax year 2005, you must file an amended return on Form 1040X.
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