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Investors & landlords
Your original question is about Passive Loss Carryovers,so I'm going to address that.
I don't know how to do it in the Step by Step interview (the Online version only has that method) for Oil/Gas, so you may need to switch to the CD/downloaded version so you can access the forms and worksheets directly. Then you can go directly to the "Forms", go to the "Schedule E Wks" and scroll WAY down to enter the Passive Loss Carryovers, including AMT carryovers.
However, the rules for Oil/Gas activities can be quite complex, and the interaction of depletion and AMT is just one of those complexities. I don't know this, but I suspect that TurboTax falls short on the matter, so you may consider continuing going to a tax professional that is EXPERIENCED with Oil/Gas activities.
I don't know how to do it in the Step by Step interview (the Online version only has that method) for Oil/Gas, so you may need to switch to the CD/downloaded version so you can access the forms and worksheets directly. Then you can go directly to the "Forms", go to the "Schedule E Wks" and scroll WAY down to enter the Passive Loss Carryovers, including AMT carryovers.
However, the rules for Oil/Gas activities can be quite complex, and the interaction of depletion and AMT is just one of those complexities. I don't know this, but I suspect that TurboTax falls short on the matter, so you may consider continuing going to a tax professional that is EXPERIENCED with Oil/Gas activities.
‎June 4, 2019
3:26 PM