Talk:Tax deduction

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What does it take to have a home be a primary residence

In the US, you have to own and use the house, living there a majority of the time. If there is doubt, the IRS apparently has some rules; if you get your mail there, have your car registered there, vote there, and you bank there and hang out there, then it's your primary residence. An article at [1] talks about a couple who were ruled to have no primary residence at all, in the IRS's opinion. — Preceding unsigned comment added by Tempshill (talk • contribs) on 19 February 2005.

Depletion allowance

The red link for "oil depletion allowance" should probably be changed since royalties also are subject to depletion allowances; hence we can knockout two birds with one stone by starting the articcle to cover both. Depletion allowance is already listed as a missing article.[2] On royalty depletions, see http://www.irs.gov/publications/p535/ch10.html Have Gun, Will Travel 20:38, 7 February 2007 (UTC)[reply]

Dear Have Gun, Will Travel: Yes, at least in the United States the term "depletion allowance" refers to a deduction allowable against certain kinds of royalty income or income from the production of natural resources, especially oil and gas royalties (also other stuff like uranium, sulphur, etc.). At least with respect to the term "depletion allowance" as used in U.S. Federal income tax law, if you decide to begin an article on the subject you may want to distinguish the two kinds: cost depletion and percentage depletion. The basic statutes are 26 U.S.C. § 611 (covering basic provisions); 26 U.S.C. § 612 (cost depletion); 26 U.S.C. § 613 (percentage depletion); and 26 U.S.C. § 613A (percentage depletion on oil & gas production, etc.), all the way through to about 26 U.S.C. § 617.

Depletion allowance deductions on individual income tax returns are perhaps relatively more common where you have independent production of oil and gas, as in Oklahoma, Louisiana and Texas (where I am), than in places where no mining of natural resources takes place. Yours, Famspear 20:56, 7 February 2007 (UTC)[reply]

Thanks. The starting point is probably Royalties to make a clear distinction between copyright, patent, and resource royalties. May need help with that. Have Gun, Will Travel 22:57, 7 February 2007 (UTC)[reply]

Found it. Tax depletion. Have Gun, Will Travel 03:35, 8 February 2007 (UTC)[reply]