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C
Cassandra
Level 2
May 27, 2020
Question

How do i get depletion in excess of basis from a K-1 to reflect on oil and gas allowable depletion report?

  • May 27, 2020
  • 1 reply
  • 14 views
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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
May 28, 2020

There's nothing special you need to do - the "in excess of basis" amount only affects the basis schedule, not the depletion schedule. The full amount of depletion automatically carries to the depletion schedule.

 

So if you have a K-1 that shows 
percentage depletion: $100
depletion in excess of basis: $70

Your depletion schedule shows the full $100 of depletion. Your basis schedule reduces basis by only the net $30.

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