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.
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Thank you for answering.
The percentage allowance is 15 percent. IRS publication 535.
Can we please keep politics out of this…
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That would be nice, but when politicians want to attack where we are trying to make money, I don’t see how politics can be kept out of it.
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r w kennedy , Very true !
Politics is one thing but disguised profanity is something else. It is disappointing that the moderator allows this.
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I didn’t see profanity anywhere in the message.
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Look up let’s go brandon on wickipedia…
If you have to go find it to be offended then that’s on you.
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Couldn’t agree more… typical snowflakes
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I have heard Joe Biden himself say Let’s Go Brandon on TV. Are you saying Joe Biden used foul language on TV? It was the Norad tracking Santa Clause special. Lots of kids watching. Are you saying Joe Biden used foul language on national TV with lots of children watching? Something must be done about that! The first person to coin the phrase Lets Go Brandon was a reporter, we need to bring them down also. Thank you for bringing this to my attention.
Let’s face it folks, biden including all of the other democrat socialist are against oil and gas production and hurting our pocket book. Actually they are against anything good for this country. Now to keep this out of politics, the build better back BROKE bill does away with the 15% percentage depletion allowance. If for some reason the socialist get their way, guess what incentive operators have to drill or to work over existing production? Not Much!
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