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Screen OJCRent - City Rent and Royalty Property (1040)

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Overview

Use this screen to calculate rental income for the Ohio cities.

General Information

Information in this section is transferred from the federal screens on a unit-by-unit basis.
City code and name
The city code is automatically transferred from UltraTax/1040. Select the city code from the dropdown list. UltraTax CS automatically enters the city name.
Type
The type code is automatically transferred from UltraTax/1040. Select the type code from the dropdown list. Type
6
 (Royalties) defaults to non-taxable; all other types are taxable.
Inactive activity for
When this field is marked, data entered for this activity has no impact on tax return.
Dates of operation in : From / To
If the taxpayer changed residences during the year and this activity wasn't in operation for the full year, enter the dates of operation. These dates are used to allocate income or loss among part-year resident cities. If not entered, the default values are from January 1 to December 31.

Income or Loss

Use this section to enter rental income or loss. Information for
Net income or (loss) from federal Schedule E
 is transferred from the federal Schedule E as enabled on federal Schedule E. Losses from federal Schedule E which are excluded from federal Form 1040 are omitted.
Enter net operating loss carryover from a previous year on the specific city general information screen.
Percent of federal allocated to the city
Enter the percentage of federal net income to allocate to one or more Ohio cities. This percentage is multiplied by the net income or loss to calculate the allocated net income or loss. By default, royalty income is zero percent taxable and all other types are 100 percent taxable. Enter
100.00
 to allocate all of the federal income.
Allocated net income or (loss) from Schedule E
This field shows the amount of federal income or loss multiplied by the percentage in
Percent of federal allocated to the city
. Nonresident Ohio city returns use the allocated net income or loss amount.
note
To allocate the income or loss across multiple nonresident Ohio cities, use the Schedule Y allocation or the Allocation by Amount option.

Allocation by Percentage

The Schedule Y business allocation formula is available for nonresident city returns. Allocation applies to the net profit or loss as shown, or allocation by amount if present.
Value of property / … / Gross receipts
Enter the city code and the city amounts for value of property, annual rent multiplied by 8, payroll, and receipts in the statement window. Schedule Y allocations can be entered in this field for as many nonresident cities as necessary. The total of each allocation factor in this statement will need to equal 100 percent of the gross. Enter city code
NTC
 for allocations to non-taxing municipalities.

Allocation by Amount

Use this section to allocate income and expenses to multiple nonresident cities. This is an alternative to Schedule Y allocation.
City amount
Use this statement window to allocate net income or loss related to this activity among multiple cities. These net amounts are reported on the line of the city return. Any information entered in the statement window replaces the federal income or loss.

City Specific Information

Use this section to enter city-specific information about this rental activity.

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