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How would I enter Mineral Rights on the Asset Entry worksheet? The minerals have not been developed so there is not depletion at this time. When I enter it as 'Z' without the 'Land' designation, PS is wanting a depreciation method. Can anyone tell me what I'm doing wrong?
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Hi @charger ,
Thank you for posting in the community. Have you tried reaching out to ProSeries Support to see if they might be able to assist with this? They are equipped for real-time troubleshooting and can guide you on software input for specific lines.
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Just use "O" then you enter all info yourself. I assume you just want to track basis, so you need to track land and mineral rights separate if your purchase listed them separate. When you start receiving income ProSeries does not track depletion for you, so you will have to reduce basis manually. This is what I would do, but have not run across this myself. Have only ran across depletion from K1's
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I need to enter it because it was part of a current land purchase and I need to list it as an asset.