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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How do you enter non-oil and gas royalties (ie mineral interests) that receive a 5% depletion deduction in Lacerte
How do you enter non-oil and gas royalties (ie mineral interests) that receive a 5% depletion deduction in Lacerte
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LMcPherson
Level 1
05-30-2022
02:18 PM
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I need to reflect royalties in Lacerte (1065) so that when they transfer to the Form 1040 that depletion for other than Oil and Gas can be computed.
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PhoebeRoberts
Level 11
05-31-2022
09:30 AM
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You've determined that the appropriate treatment is to calculate depletion at the partner level, and that statutory (percentage) depletion at 5% without regard to basis is appropriate? I'd just use Screen 30 or 31 to memo the tentative depletion deduction.
The K-1 export is not going to do the depletion calculation at the 1040 level automatically, regardless of your 1065 input.
