turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

gneuner
New Member

For reporting K1 involved in oil drilling, I'm trying to enter the schedule E royalty info, but have no addresses for the properties. What do I do?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
Carl
Level 15

For reporting K1 involved in oil drilling, I'm trying to enter the schedule E royalty info, but have no addresses for the properties. What do I do?

Just do the best you can on entering the physical location of the property. I have no doubt that at a minimum, you have a city, state and zip code for the location. If there is no street address, then check your county website for the parcel number of the land the drilling is occurring on, and for the street address enter the parcel number.

The physical street address is not all that important since the property is not depreciated. All that matters for royalty income as it relates to drilling, is depletion. For that, the address really doesn't matter as it plays no part in determining depletion.

 

For reporting K1 involved in oil drilling, I'm trying to enter the schedule E royalty info, but have no addresses for the properties. What do I do?

Two things: If you can do "download to Turbotax" for the PTP from the website, you can download a file called turbotax.txf. Import that into TT, and you will save a bunch of typing, including the address. If available on the same page that you download your tax package PDF, there is probably 3 dots stacked vertically. That brings up a menu that for many PTPs offer something about download to Turbotax. 

 

When TT tells you to enter the street address when you create the new Schedule E for PTP royalties, it is better to instead enter a form name that will be more recognizable to you.  https://ttlc.intuit.com/community/taxes/discussion/re-in-creating-linked-schedule-e-when-it-asks-for...

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies