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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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- New York State and City Depreciation is being added back
New York State and City Depreciation is being added back
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WAAZCPA2762
Level 1
07-03-2024
05:00 PM
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I have read up on how New York handles depreciation and I see that the State does not allow the Special depreciation, but it does allow Section 179. However, when I input my client's assets, has a Schedule C and Unreimbursed expenses from a K1(1065), On Form IT-203, the State return for a part year, The Federal Column Shows the right amount for the Schedule C net income that includes the depreciation on line 6 and the correct amount for the K1 net income that includes the depreciation on line 11 BUT the New York State Column for those lines the depreciation is Added back to both lines. No further adjustments are calculated for the depreciation. Why is it doing this? Section 179 is supposed to be allowed for NY. I have tried everything to get it not to adjust it back. What am I missing here?
