- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello
Is anybody familiar with entering percentage depletion for royalty income from other than oil and gas properties.
Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Film?
Songs?
Books?
Products?
It would be helpful if you simply gave the details. Thanks.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi
The property is a mineral property generating royalty income.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Okay, let's keep asking:
Which specific mineral?
What type of rights?
Ownership? Lease? Overriding?
Is the question about method to use? Basis?
See how details really help? Because I'm running out of questions to ask. Thanks.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi
They are an owner of a mineral rights property for which they are paid royalties reported to them on Form 1099-Misc.
I am not sure at this time specifically which type mineral. I would like to know where you would input the data in Lacerte for percentage depletion.
Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"I am not sure at this time specifically which type mineral."
Okay.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hi Again
Let's assume it is gold for purposes of this discussion.
Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm sorry; I'm pretty much at a loss. What do you need help with, specifically?
Your first question was, "Is anybody familiar with entering percentage depletion for royalty income from other than oil and gas properties."
Your only identifiable request was, "I would like to know where you would input the data in Lacerte for percentage depletion."
I feel like I'm watching a ping pong game, but my participation here is the ball.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Perhaps you will be better at mind reading.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How are you going to deplete something if you don't know what the something is?
The more I know the more I don’t know.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There's a line for deducting depletion on Schedule E. Find the percentage here:
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I agree with this answer. You figure out what's being depleted, look up the percentage allowable, and enter that percentage into the Schedule E.