Help from Louisiana Preparers

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  • WhiteOleander
    Senior Member
    • Jun 2005
    • 1370
    #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
    You have the right to remain silent. Anything you say will be misquoted, then used against you.
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    • SPRING
      Junior Member
      • Mar 2009
      • 1
      #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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        • WhiteOleander
          Senior Member
          • Jun 2005
          • 1370
          #3
          Originally posted by SPRING
          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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