Depletion on Oil Royalties? I'm receiving royalty income for the first time. Can I charge 15% Depletion as an expense?
TurboTax Deluxe 2023 Depletion for Oil & Gas Royalties are calculated but not transferred to Schedule E
Don't own land, only the mineral rights in WV. Oil company sent me 099-MISC indicating gross royalty = $3149.58, Owner deductions = $1020.79, net payment [to me] of $2128.79. Turbotax Deluxe not helpful in resolving how I'd list this on form C. Help ??