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Instructions for IRS Form 8904 Credit for Oil and Gas Production From Marginal Wells
This document contains official instructions for IRS Form 8904 , Credit for Oil and Gas Production From Marginal Wells - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8904 is available for download through this link.
FAQ
Q: What is IRS Form 8904?
A: IRS Form 8904 is a form used to claim the Credit for Oil and Gas Production From Marginal Wells.
Q: Who is eligible to claim the credit?
A: Taxpayers who produce oil or gas from a marginal well are eligible to claim the credit.
Q: What is a marginal well?
A: A marginal well is a well that has a low production capability or is nearing the end of its productive life.
Q: What expenses can be claimed for the credit?
A: Expenses such as operating costs, leasehold expenses, and intangible drilling costs can be claimed for the credit.
Q: How is the credit calculated?
A: The credit is calculated based on the qualified production from marginal wells.
Instruction Details:
- This 2-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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