topic I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses? in Get your taxes done using TurboTax

I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

diehl_n61012 — Tue, 24 Feb 2026 07:43:33 GMT

Re: I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

Anonymous_ — Mon, 16 Oct 2023 16:50:05 GMT

Do you receive K-1s for these investments?

Re: I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

diehl_n61012 — Mon, 16 Oct 2023 16:56:02 GMT

I don't receive K-1s.

Re: I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

Anonymous_ — Mon, 16 Oct 2023 17:03:38 GMT

See https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/intangible-drilling-costs/00/2177733

Re: I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

diehl_n61012 — Mon, 16 Oct 2023 17:04:40 GMT

It's a single member LLC. So the taxes are filed under my personal 1040. I believe these IDCs need to be expensed on the Schedule C. But Turbotax does not have a section for them. Do I just input them as a separate line item under "Other Misc Expenses" and just label as IDCs?

Re: I have a single member LLC that I use to invest in working interest projects for drilling oil wells. Where in turbotax can I report my IDC expenses?

ee-ea — Mon, 16 Oct 2023 17:13:03 GMT

@diehl_n61012

Do I just input them as a separate line item under "Other Misc Expenses" and just label as IDCs?

Yes, you do.