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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Form 565 California Depr difference to flow through partnership K1 Sch L per new rules
Form 565 California Depr difference to flow through partnership K1 Sch L per new rules
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loricpa100
Level 4
02-21-2022
06:47 PM
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Oh good times! California now would like the each partner's tax basis capital account on the CA basis, not Federal. As the minimum tax still flows through as a nondeductible expense - the only difference is depreciation. IF I am reading the diagnostic correctly, I need to input this manually on the CA M-2 as an other increase? Lacerte knows the depr difference. IS this the correct place?
So I also have to restate my CA balance sheet to be on a CA basis. I have the cumlative depr difference I can adjust for. I will then manually adj the beginning capital for CA and push that through the partners. That seems pretty straight forward, it is how to reflect the current year difference and how / if Lacerte will ever help me do so.
Anyone done this yet?
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