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Deductions & credits
You can list them along with any other taxes paid in the Business Expenses section of Schedule E.
If you are receiving oil royalties TurboTax will automatically calculate the depletion allowance.
For oil and gas royalty owners, percentage depletion is calculated using a rate of 15% of the gross income based on your average daily production of crude oil or natural gas, up to your depletable oil or natural gas quantity.
‎January 31, 2021
2:21 PM