Oil and gas

[DTS]

I am having fits trying to figure out a K-1 for an oil investment. Line 11 shows F* -$3,215. The supplemental information says "specially allocated depreciation" then -$3,215.

I have looked at the some instructions that state this code, for this line may go on 4797 or 8582. I am totally lost with this and my software is of no help, whatsoever with guidance.

Can someone please help me with this? I am trying to figure this out and frankly, I am at a loss.

Thank you,

Dennis

[veritas]

Gotta love those K1s

Dennis it would be my assumption the deduction would be an 8582 item. It would decrease the ordinary income from the activity or increase the loss.

[Lion]

Web Site

Some of these oil investments have websites that provide you with tax forms. You put in your client's SS#, and their K-1 appears and then moves all the numbers to the correct tax forms! It's a huge help. Good luck.

[DTS]

K-1

Thanks, Lion and Veritas,

I will see if there is a site for these two companies and if not, will see if there is a way to put it somewhere else.

Dennis