What is the recapture of depletion or addback of excess federal depletion?

Upon the expiration of the lease, depletion claimed must be restored to income in the case of non-producing properties. Enter depletion claimed on a lease bonus if no income was received from the property due to its lease expiration.

If the 22% Oklahoma option for computing depletion was used in a previous year and the 65% Federal depletion limitation applied in that year, you must add back any unused Federal depletion being carried over from such year and used in the current year's Federal return. Applicable recapture is determined on a well-by-well basis.

Enclose a complete schedule by property.

If you are e-filing your return, you should maintain this documentation in your records for three years in case the Oklahoma Tax Commission requests it. If you are mailing your return, include a copy of the documentation with your return.

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