ravichosun
Returning Member

intangible drilling costs on schedule K-1

I made in investments in oil and gas as a limited partner in 2020.  I entered the intangible drilling costs from box 13 code J into turbo tax, but I don't see any reduction in my taxable income.  These losses should deduct from my ordinary W-2 income correct?  How come I am not seeing this?  Thanks.