I'm doing a return for a company that does auto repairs and maint. The have 1099 income from an oil company that pays them for old oil. Is this section 199, domesitic production "extracting oil" in anyone's opinion? I really don't know anything about domestic production, but I don't think this is what was meant. Any opinions?? All help is GREATLY appreciated!!!!!!!!!!
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I would not take Sec 199 for this. Not sure if Auto Repair is a Sec. 199 Qualified production activity or not, though. -
I think I hate that form!!!
This too wierd that I ask a question about the domestic production and so does someone else the same day .... an omen that this form is a nightmare ???
I think I can answer your question easier than I can my own tho....
I do not think that selling his "old" oil would qualify as producing or "extracting" .... my two cents worth .. but don't go by anything I say ... as I asked my own question regarding this form *L*"And So It Begins!!!"Comment
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I saw your post about dairy farming.
My experience regarding the good ol' DPAD is limited to construction.
I'm sure some kindly person with experience in farming will answer
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I could kiss you
Well I sure do appreciate that you somewhat agree with me on it. But I will indeed wait for someone to answer my actual post."And So It Begins!!!"Comment
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Sect 199
OK, so far, I'm getting that the old oil is not domestic production, but that the car repairs and maint might be? HELP--call me dumb in this area!!!Comment
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You aren't dumb
DPAD is still considered obscure by a lot of very seasoned pros. It's easier than it looks, though. Keep bumping your thread so someone will answer.Comment
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Thanks!
I needed that!Comment
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