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Get your taxes done using TurboTax
I don't think you make an actual election. Rather, you simply entire the entire amount of the intangible drilling costs reported to you or you enter 1/0th that amount if you decide to amortize over 10 years. If you deduct 100% in year 1, it is treated as a preference item so you want to make sure that does not cause you an AMT issue.
‎February 7, 2023
9:36 AM