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I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?
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It's a single member LLC. So the taxes are filed under my personal 1040. I believe these IDCs need to be expensed on the Schedule C. But Turbotax does not have a section for them. Do I just input them as a separate line item under "Other Misc Expenses" and just label as IDCs?
Do I just input them as a separate line item under "Other Misc Expenses" and just label as IDCs?
Yes, you do.
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