I have the sale of inherited mineral rights. These were producing minerals. Inherited 5 years ago and sold this year. I have a basis calculation from date of inheritance. My understanding is the sale is reported on Form 8949.
I also understand that i should recapture the depletion expense that was recognized. It appears this is done on Form 4797. I cannot determine how to accomplish this in Turbo Tax.
Please see this section in the Form 4797 instructions:
Disposition of Depreciable Property Not Used in Trade or Business
Please help
