Chris-was-here
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You’re right - if you’re a GP with material participation, IDC deductions should be treated as active losses that can offset W2 and other active income. TurboTa...
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In TurboTax you report it under Schedule E with Oil & Gas Working Interest. Add the JV as a property, then enter your intangible and tangible drilling costs as ...
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Yep, that’s a known TurboTax bug with IDC amortization. If you elect 5-year amortization on $60k, your current year deduction should be $12k, but the software i...
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You don’t need to materially participate to take the 100% IDC deduction in year one - the election to expense vs. amortize is available either way. The differen...
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On your California return in TurboTax Desktop (TTD) you need to make a manual adjustment, since CA no longer allows the IDC deduction starting with costs incurr...
Activity Feed for Chris-was-here
- Posted Re: K-1 IDC (Intangible Drilling Costs) should be Active Income, not Passive on Deductions & credits. September 3, 2025 8:56 AM
- Posted Re: Intangible drilling costs on Investors & landlords. September 3, 2025 8:54 AM
- Posted Re: Intangible Drilling Cost Current Year Calculation on Get your taxes done using TurboTax. September 3, 2025 8:50 AM
- Posted Re: Intangible Drilling Costs on Get your taxes done using TurboTax. September 3, 2025 8:48 AM
- Posted Re: Intangible Drilling costs - California Tax Return on Get your taxes done using TurboTax. September 3, 2025 8:46 AM
- Posted Re: How do I file my taxes on Jan 15th? I have W2 income from January 2024-March 2024 then I quit my job. I have no income from April to October. Then 1099 income in Nov& Dec on Get your taxes done using TurboTax. September 3, 2025 7:53 AM
- Posted Re: Living in NY & PA in 2024. TurboTax keeps adding PA W2 income to NY state income, despite prior screens showing only NY W2s. Is this a s/w glitch? on State tax filing. September 3, 2025 7:49 AM
- Posted Re: IDC deduction and AMT on Deductions & credits. September 3, 2025 7:46 AM
- Posted Re: I have a K-1, and as a general partner, I had IDC deductions, which should be an active loss based on section 263C. But turboTax treat this as passive loss, how to fix? on Business & farm. September 3, 2025 7:43 AM
- Posted Re: Could you confirm if Turbo tax online premier software does not support 2024 California law disallowing deduction for Intangible Drilling Costs (IDSC)? on Get your taxes done using TurboTax. September 3, 2025 7:39 AM
- Posted Re: Oil and Gas Basis reduction order? IDC and Depletion exceed adjusted basis on Get your taxes done using TurboTax. September 3, 2025 7:35 AM
- Posted Re: Intangible drilling cost in California on Get your taxes done using TurboTax. September 3, 2025 7:33 AM
- Posted Re: Tax Reduction Tips for W2 family on Get your taxes done using TurboTax. September 3, 2025 7:04 AM