How would I enter Mineral Rights on the Asset Entry worksheet? The minerals have not been developed so there is not depletion at this time. When I enter it as 'Z' without the 'Land' designation, PS is wanting a depreciation method. Can anyone tell me what I'm doing wrong?
Just use "O" then you enter all info yourself. I assume you just want to track basis, so you need to track land and mineral rights separate if your purchase listed them separate. When you start receiving income ProSeries does not track depletion for you, so you will have to reduce basis manually. This is what I would do, but have not run across this myself. Have only ran across depletion from K1's
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