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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3837
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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I have five oil and gas K-1s and they all show an amount for

Resolved Question:

I have five oil and gas K-1's and they all show an amount for cost depletion. Where do I enter that number in my 1040?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Lane :

Hi,

Lane :

You'll need to use schedule E

Lane :

It goes on line 18, which will the total to line 20

Lane :

THe that ends up flowing to


Form 1040, line
17

Customer:

So the cost depletion amount in the K-1 information 20t, will go directly to schedule E?

Customer:

The other information from the K-1's is flowing to Schedule E page two, not page one.

Lane :

That's right

Lane :

Hang on and i'll ge the schedule E instructions site for you

Customer:

That's okay, I have the IRS instructions,

Customer:

So I enter the depletion as an orphan on page one, schedule E - in the next available column, correct?

Lane :

Sometimes thet HTML site is easier to get around

Lane :

You have it

Lane :

ote that it says"18 Depreciation expense or depletion"

Customer:

okay, thank you.

Lane :

YW

Customer:

is there an associated form to file explaining that depletion deduction?

Lane :

NO, sorry we get So many question on that issue .. IRS will get a copy of the K1 and match it up

Customer:

okay, thanks again!

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3837
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and other Tax Specialists are ready to help you
Expert:  Lane replied 11 months ago.


Thanks for the rating.

If you'd like to work with ME again just say "For Lane only," at the beginning of your next question.

Thanks again,
Lane

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