Percentage Depletion Calculation for Royalties from other than OIL and Gas

Hello

Is anybody familiar with entering percentage depletion for royalty income from other than oil and gas properties.

Thanks

This topic has been closed for replies.

Level 15

Film?

Songs?

Books?

Products?

It would be helpful if you simply gave the details. Thanks.

Don't yell at us; we're volunteers

Level 2

Hi

The property is a mineral property generating royalty income.

Level 15

Okay, let's keep asking:

Which specific mineral?

What type of rights?

Ownership? Lease? Overriding?

Is the question about method to use? Basis?

See how details really help? Because I'm running out of questions to ask. Thanks.

Don't yell at us; we're volunteers

Level 15

There's a line for deducting depletion on Schedule E. Find the percentage here:

Intuit Community Champion

I agree with this answer. You figure out what's being depleted, look up the percentage allowable, and enter that percentage into the Schedule E.

Sign up