Solved
Oil & Gas Royalty
I am working with a new client who has Oil & Gas Royalties. I understand that I need a Schedule E for each company. However, I have a copy of the previous year's tax record and I do not see how the numbers add up to what was on the form provided. There is several years of depletion with a negative "less carryover to future year". I do see where to put the "other deductions" and "production taxes". How do I get the "depletion" amount. Is there a worksheet I am missing? Thank you for your assistance. I have never had a client with Oil & Gas Royalties.
