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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.
