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patrickcourtney
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Compute oil depletion

 
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PatriciaV
Employee Tax Expert

Compute oil depletion

Yes, you can override the percentage depletion number offered by TurboTax on the page "Enter Your Depletion Information." You will need to calculate the cost depletion amount yourself.

From On Demand Tax Guidance (blue link "Learn More"):

Cost Depletion:

Is calculated by dividing the adjusted basis of your mineral property by the total recoverable units in the property's reserves. This gives you the rate per unit. Multiply the rate per unit by the units sold during your tax year for which you were paid.

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