Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- California(non conforming) Bonus depreciation treatment
California(non conforming) Bonus depreciation treatment
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
nmalayath
Level 1
03-27-2022
09:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I know CA(and many other states) do not conform to federal bonus depreciation.
If the investment is in CA, the CA K-1 takes care of all the adjustments needed to the rental income(loss).
So If I get an out of state K1 that uses bonus depreciation, how do I figure out the adjustment to CA rental income (by removing the bonus depreciation)?
This time I found the following footnote from one of the K-1.
SELECT STATES DO NOT CONFORM TO FEDERAL BONUS DEPRECIATION
UNDER CODE SECTION 168(K). IF YOU ARE A RESIDENT OF A
NONCONFORMING STATE, YOUR ADDBACK ADJUSTMENT TO SCHEDULE K-
1, BOX 2 "NET RENTAL REAL ESTATE INCOME (LOSS)" IS: $XXXXX.XX
For another investment that was made in 2020, K-1 did not have this information.
What is the responsibility of the taxpayer when bonus depreciation information is not available in the out-of-state K-1?
Anyone has faced this or has any pointers?
Labels
