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vs18_2
Level 1
August 24, 2020
Question

Write off of depletion carry forward amount

  • August 24, 2020
  • 1 reply
  • 7 views

An LLC had a oil driling business until 2016. It then changed to commercial property leasing for 2017 but has some prior year depletion expense carry over. How do you write off that amount in 2016 tax return? I called Intuit and they do not know.

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    1 reply

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    August 24, 2020

    LLC taxed as what? Percentage depletion or cost? Depletion carried over due to what limitation (income at the well level? income at the entity level?)? At the end of 2016(!) did they still have an interest in the leasehold? If not, how was it disposed of (expiration? sale?)

      IRonMaN
      IRonMaN
      Level 15
      August 24, 2020

      Looks like the answer has more questions than the question 😮

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