I would like to verify that the percentage depletion allowance is still available when completing my 2021 tax return. Also going forward, how or where is the best way to keep tabs on it being changed or eliminated?
Short answer is no change. See the other thread “Biden wants to eliminate percentage depletion allowance” … latest entry yesterday suggests the depletion allowance was eliminated from the Build Back Better bill, which itself appears virtually dead unless Senator Manchin reverses course.
Thank you for answering.
Thank God one democrat is not mentally challenged! Lets Go Brandon!
The percentage allowance is 15 percent. IRS publication 535.
I concur, let’s go Brandon !!