IRS Publication 535 (Section 9: Depletion) states that one may claim a depletion deduction only if you have an "economic interest" in a mineral property, where an "economic interest" exists if BOTH of the following apply:



- you have acquired BY INVESTMENT (caps. mine) any interest............

- you have a legal right to income from the extraction................



Although I have not to this point claimed any depletion deductions for my inherited royalty interests in… Continue