Why does my oil and gas depreciation on a Partnership return show up on pg. 1, Other Deductions but my oil and gas depreciation on an S Corp return shows on pg.1, Depr?

nwempe

Does it have something to do with the P/S has Trusts as investors so we don't take Section 179?

Terry53029

Oil, and gas partnership can have depreciation and depletion. depreciation will be for drilling equipment which is entered on asset worksheet and reported on line 16 of the 1065 and depletion is reported on partners K1, and not on the 1065. In either case deprecation is not "other deductions" on 1065

nwempe

Understand the difference between depreciation and depletion however my depreciation is for some reason still showing up as "Other deductions" on 1065

Terry53029

If you are sure you entered assets for deprecation on the assets worksheets then you need to do normal troubling shooting steps (repair updates, reboot, ETC.) If still happening then you will need to call support

Why does my oil and gas depreciation on a Partnership return show up on pg. 1, Other Deductions but my oil and gas depreciation on an S Corp return shows on pg.1, Depr?

©1997-2025 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.