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    #1

    Help from Louisiana Preparers

    Have a client that has received about 7500.00 in oil royalties from LA. Do I include the gross royalty for LA tax or can they pay LA on the net after subtracting depletion?

    Thanks
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    #2
    Help from LA

    The net amount is already in the federal AGI. You don't need to do a thing with the royalty income. Make sure the royalty is oil and not gas. Gas gets a higher depletion allowance.

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      #3
      Originally posted by SPRING View Post
      The net amount is already in the federal AGI. You don't need to do a thing with the royalty income. Make sure the royalty is oil and not gas. Gas gets a higher depletion allowance.
      Thank you. And welcome to the board.
      You have the right to remain silent. Anything you say will be misquoted, then used against you.

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