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Reporting partnership K-1 oil and gas depletion in Lacerte for Schedule E

SOLVEDby IntuitLacerte Tax4Updated April 14, 2022

Follow these steps to enter oil and gas depletion:

  1. Go to Screen 20, Passthrough K-1's.
  2. In the Passthrough K-1's list, select the activity type.
  3. Select Oil & Gas in the section list.
  4. Enter the depletion associated with the activity.
  5. Enter 1 in 1 = report depletion on Schedule E, page 1 (royalty).

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