Passive losses against Oil/Gas Royalty income

Technical topics regarding tax preparation.
#1
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Shouldn't net passive losses from rental real estate be applicable against net royalty income from passive Oil/Gas royalty income? Go Systems isn't going for it. My ignorance of O&G is vast.
 

#2
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12-Jun-2014 6:13pm
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Generally royalty income is non-passive the same way that rental is passive by default. There are exceptions that I am too tired to think about ... has something to do with direct vs indirect ownership maybe ... but anyway oil and gas royalties are hardy ever passive.
Because on T.A. ten was the most you were allowed
 

#3
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TL, appreciate the reply. Len
 


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