1246
Oil & Gas depletion
6/29/09 3:22 PM
Total Views: 480
Total Views: 480
Where do you enter oil & gas depletion?
All Replies: Answers (1)
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Answer
6/29/09 7:34 PM
Do all your entries in the Oil & Gas screen. In the 1040 package, it's Screen 21. Set up a "set" for each Sch C or E, link to the the appropriate Sch C or E, then enter each property separately under the set. Handles both cost and percentage depletion appropriately, and will track basis for later disposition.
Alternately, at the bottom of the C or E. But the Oil & Gas screen is a lot more sophisticated.
Hey, we get sig files now! Cool - I wonder what I'll put here? Ah, I know: RTFM.
