Hello tax experts,
Have these business codes changed since 2020? I'm trying to enter intangible drilling costs for tax-year 2022 on Schedule C. I have a working interest but no Schedule K1 (Subchapter K). Also for the 2022 tax year, no oil revenue received - only the initial buy-in (Expense), for the partnership. Significant portion of the buy-in is intangible drilling costs.
When I see the instructions for Schedule C, I'm only able to see Business Category = Mining and Code = 211120 for Crude Oil extraction at this link: (And not the 2123110 code referenced by @PatriciaV ).
https://www.irs.gov/instructions/i1040sc#en_US_2022_publink24329wd0e2697
Am I missing something?
