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L
LMcPherson
Level 1
May 30, 2022
Question

How do you enter non-oil and gas royalties (ie mineral interests) that receive a 5% depletion deduction in Lacerte

  • May 30, 2022
  • 1 reply
  • 5 views

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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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
May 31, 2022

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. 

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