Question

Amortize intangible drilling costs

How do I continue to amortize my intangible drilling costs in Turbo Tax after I sold the oil well?

I did not receive a K-1 for 2023 since I sold teh well in 2022.

thanks,

amortization stops with the sale so tax reporting for the remaining IDC should have been with your 2022 return

the k-1 you received and supplemental information should have provided guidance on the handling of the unamortized IDC

see this thread especially section 6

1 reply