If you are preparing a business return in Turbo Tax, do the following to enter your intangible drilling expenses.
- Go to federal taxes>deductions>business expenses>all other expenses>start
- Here you can enter a description and amount for intangible drilling costs
- Now you can go to the forms mode and check statement A for each partner. The amount that distributed is the ordinary business income that is a net total of the income and deductions you have already reported in your return.
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