Automatic Depreciation of oil royalties income

[Super-Shopper]

Turbo Tax is not automatically calculating depreciation of oil royalties income.

[DanO]

The oil depletion is set for 15% of income and should come up automatically when going through Property Profile.

• Sign into TurboTax
• Click Take me to my return
• Click on Federal in left column
• Scroll down to Rental Properties and Royalties (Sch E) and click Edit/Add
• Next screen Yes - Next Screen answer and Continue
• Rental and Royalty Summary - Edit your royalty
• Click on Property Profile Update
• Enter data for royalty and Continue
• Next screen Yes or No and Continue
• Next screen Click on Oil and Gas Royalty Income and Continue
• Enter you Royalty Income and taxes paid if any and Continue
• Next screen should be populated with the depletion amount
  

[Burkhaulter]

Is this TurboTax Deluxe that computes oil and gas depletion automatically?  Didn't work for me.

[Carl]

Royalty income property is **NOT** depreciated. You take depletion on royalty property, not depreciation. This is all covered in IRS Pub 535.