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Critical Diagnostic - Depletion Overstated

Treeves
Level 1

Partnership #4: This partnership has entries for depletion and tax preference items related to oil and gas, but also has properties tied to it . The properties in the Oil and Gas screen already account for the depletion and the oil and gas preference items related to the Partnership. You should remove the depletion and tax preference inputs from the Partnership or the depletion expense may be overstated.

When I click on the Input View Screen there is no amount on (20T) Cost Depletion.

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5 Comments 5
sjrcpa
Level 15

Some of us don't use the Properties entry and appreciate having those input fields.


Ex-AllStar
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Treeves
Level 1

Is there a solution on how to remove this diagnostic?  

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PhoebeRoberts
Level 11
Level 11

If your return is correct, ignore the diagnostic. If your return is incorrect, adjust your entries to make it correct.

Treeves
Level 1

In there lays the problem that no one can give instructions on how to correct the problem. I called Pro-Connect and they sent me instruction on how to enter the information on the input screens ( I already had done that) but that doesn't help to correct the diagnostic. 

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abctax55
Level 15

"...ignore the diagnostic."

Then do as Phoebe said.  She's our 'depletion' guru.

"*******Tax software is no substitute for a professional tax preparer*******
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