hi, I paid more taxes last year because i didnt know about the depletion claim…im new so i lost about 1500 dollars 2022…now im wondering, 1). can i claim a depletion and a depreciation? 2). Is the depletion rate 15% in Texas? 3). what is the 65% income rule chart and how can i find the chart? I am totally unaware of where to start with this one. 4). Does anyone know these formulas personally? I would be grateful if anyone could help, even partial help would be appreciated, thank you so much.
You can file an amended tax return to take the depletion deduction. Your best course is to have a tax accountant help you with your tax questions.
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