☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Oct 16, 2023 9:32:19 AM

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?

0 5 751
1 Best answer
Level 15
Oct 16, 2023 10:13:03 AM

@diehl_n61012

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

Yes, you do.

5 Replies
Level 15
Oct 16, 2023 9:50:05 AM

Do you receive K-1s for these investments?

Level 1
Oct 16, 2023 9:56:02 AM

I don't receive K-1s. 

Level 15
Oct 16, 2023 10:03:38 AM

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

Level 1
Oct 16, 2023 10:04:40 AM

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? 

Level 15
Oct 16, 2023 10:13:03 AM

@diehl_n61012

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

Yes, you do.