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 and capitalize my leasehold costs?
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 and capitalize my leasehold costs?
These leasehold costs are separate from my IDCs. They are acreage costs (lease bonus, land work, G&G). I need to capitalize them but I'm not sure where to within Turbotax. Do I enter as depletion items and depreciate over 5 years?