Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

How do I split depreciation for a part year resident of CA, but property is in another state?

Windy432
Level 1
 
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
George4Tacks
Level 15

Based on days in CA (assume 30%) and days in old State (assume NY) with a property in a third state (AL). That would mean you report 100% of the rental to AL, 30% to CA and 70% to NY. 

Near the bottom of Other Information on Screen 18 is Percental of source income.... Use Ctrl + E to open that entry - Ignore the description

1st line 1 AL S,2nd line  .7 NY S and 3rd line .3 CA S for Amount State Source

From the F1 help screen
Percent of Source Inc. (.xxxx or 1 If 100 Percent) (PY/NR)[O]
 
General Information                         Screens 18; Codes 504,511

This input field applies to state part-year and nonresident returns only. Enter, in .xxxx format, the percentage of income that represents source income taxable to the nonresident/part-year state (e.g., enter 10% as .10). The program multiplies each item from this schedule by the percentage entered to determine the source income taxable to the state. If the entire amount of income is source income, leave this field blank.

Note: The 2017 program uses State Identifiers to source income. An entry in "Percent of Source Income" (Screen 18, code 504) overrides the allocation of income or loss. For more information about State Identifiers and source income, refer to "Multi-State Clients" in the 2017 Operator's Help System.

 About this type of entry https://accountants-community.intuit.com/articles/1606668-utilizing-state-source-overrides-to-report...


Here's wishing you many Happy Returns

View solution in original post

0 Cheers
3 Comments 3
George4Tacks
Level 15
@Windy432 Are you referring to a rental (Sch E) on a 1040?

Here's wishing you many Happy Returns
0 Cheers
Windy432
Level 1
Yes
0 Cheers
George4Tacks
Level 15

Based on days in CA (assume 30%) and days in old State (assume NY) with a property in a third state (AL). That would mean you report 100% of the rental to AL, 30% to CA and 70% to NY. 

Near the bottom of Other Information on Screen 18 is Percental of source income.... Use Ctrl + E to open that entry - Ignore the description

1st line 1 AL S,2nd line  .7 NY S and 3rd line .3 CA S for Amount State Source

From the F1 help screen
Percent of Source Inc. (.xxxx or 1 If 100 Percent) (PY/NR)[O]
 
General Information                         Screens 18; Codes 504,511

This input field applies to state part-year and nonresident returns only. Enter, in .xxxx format, the percentage of income that represents source income taxable to the nonresident/part-year state (e.g., enter 10% as .10). The program multiplies each item from this schedule by the percentage entered to determine the source income taxable to the state. If the entire amount of income is source income, leave this field blank.

Note: The 2017 program uses State Identifiers to source income. An entry in "Percent of Source Income" (Screen 18, code 504) overrides the allocation of income or loss. For more information about State Identifiers and source income, refer to "Multi-State Clients" in the 2017 Operator's Help System.

 About this type of entry https://accountants-community.intuit.com/articles/1606668-utilizing-state-source-overrides-to-report...


Here's wishing you many Happy Returns
0 Cheers