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E
ernestmckenney
February 11, 2025
Question

How do I enter my oil depletion allowance and other expenses on my oil lease?

  • February 11, 2025
  • 1 reply
  • 0 views
The turbo tax entries only take income and not expenses.

    1 reply

    PatriciaV
    PatriciaV
    Employee
    February 12, 2025

    Depletion expense is based on the income you received from your royalty property. After entering Form 1099-MISC, go to Rental Properties & Royalties and complete the set up for your royalty property.

     

    Notice that percentage Depletion is already calculated and appears under Royalty Expenses for this property.

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