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Screen NHSale - New Hampshire Sale of Business Assets (1040)
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Overview
For assets disposed of in the current year and whose federal depreciation amounts differ from state amounts, use the
NHSale
screen to force the New Hampshire depreciation amounts in the calculation of NH gain / loss.note
This screen may not be relevant for the current client. UltraTax CS provides a global option regarding the entry of asset information. This screen isn't available when the asset module is selected. To determine if the asset module is in use for this client, select
File
, Client Properties
, select Advanced Properties
, and then select Enter Asset Detail
. When the asset module is selected, the tab for this input screen doesn't appear in UltraTax CS.General Information
The information in this section applies to all of the forms used to report the sale of assets.
1099-S property in asset detail, do not report Source Data Entry data
Marking this field will exclude this sale from the New Hampshire Sale of Business Asset Worksheet calculation
State does not conform to section 179 QRP treatment
UltraTax CS automatically marks this box to indicate that the corresponding federal sale of Section 179 QRP doesn't apply for state purposes, so the sale isn't reported. The screen is completed for consistency with the corresponding federal screen unit.
Sale Information
Use this section to enter general sales information.
Depreciation allowed or allowable
When the Fixed Assets CS module is used, UltraTax CS displays in this field total NH depreciation for the asset sold. If Fixed Assets CS isn't used, UltraTax CS displays total federal depreciation for the asset sold. Use this field to force total NH depreciation for the asset sold.
Depreciation Recapture
This section pertains to Federal Form 4797, Part III. The numbers shown to the left of the items, such as 25(a), refer to the line numbers on Form 4797, Page 2. Don't use this section to enter assets that were sold at a loss.
If data isn't entered in this section and
Section 1250 property
in this screen is blank, UltraTax CS defaults to treating a calculated gain as from the disposition of section 1245 property.Current Year Installment Sale
Use this section to enter information for current-year federal Form 6252 transactions for Parts I and II. Enter prior year installment sales in the
InstPY
screen.