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Screen MARent - Massachusetts Rent and Royalty Property (1040)
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Overview
Use this screen to complete federal Schedule E with Massachusetts amounts. Amounts that appear in this screen are transferred from federal Rent Screen. It is important to report any state-related law differences and details in this screen.
Part-year residents and Nonresidents:
Amounts entered in federal Rent Screen are multiplied by instate percentage upon transfer to this screen if applicable.General Information
Massachusetts depreciation allocation percentage
UltraTax/1040-MA uses the amount entered in federal Rent Screen for state allocation of part-year / nonresident activities. Enter the amount of depreciation allocation percentage in this field to calculate an amount different from the one entered in federal Rent Screen.
Income
Cancellation of debt income from federal CODI Screen (Force)
Massachusetts decouples from certain federal business tax law changes made by ARRA. The specific federal provisions from which the Massachusetts legislation decouples include the deferral of the recognition of certain cancellation of indebtedness income under the Internal Revenue Code and the suspension of Code rules that would otherwise disallow or defer deductions for original issue discount claimed by issuers of debt obligations.
In prior years, information that appeared in federal CODI Screen for the deferral of income attributable to the cancellation of debt was included with amounts transferred to this field. Specifically, when
Type of Section 108(i) election
was 1
(Initial), UltraTax CS transferred an amount equal to the amount in the Income deferred under Section 108(i)
field plus the amount in the Additional deferred cancellation of debt income if previously understated
field less the Deferred Amount
entered in the Schedule of original issue discount accrual and deferment
statement dialog.UltraTax 1040-MA does not calculate the add-back of income deferred federally from prior years. Use this field to enter an amount if desired.
Prior year / Recomputed Section 179
If Section 179 information is different from the calculated amounts, enter an amount in this field to force a different amount.
Prior year / Recomputed Section 280F
When the fixed asset module is used, it determines the Section 280F recapture of income for each activity. If the calculated amount for Section 280F recapture is incorrect, use the
Force
column to enter a different amount. Enter 0
(zero) if the item does not apply to Massachusetts.Expenses
Depreciation (Force)
If you use the fixed asset module, it determines the depreciation expense for each rental activity. If the depreciation amount is incorrect, use the
Depreciation (Force)
field in this input screen. However, we strongly recommend changing the amount in the fixed asset module to ensure that the state version(s) of the appropriate form(s) are correct.