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Depreciation

Asset depreciation issue for 1065 Wisconsin returns

If you enter asset information for a 1065 state or city return in the asset module, note that some 1065 state and city returns have depreciation issues.

Data calculation and transfer

After UltraTax CS calculates depreciation and amortization, the application transfers depreciation and amortization amounts for assets entered in the
WI
 column of the asset module to the various state forms, such as Form 3, Wisconsin Schedule F, Wisconsin Farm Rental Income and Expenses Worksheet, and Wisconsin Form 8825 (including the Wisconsin Rent and Royalty Schedule).
State adjustments and tax preference items transfer directly to the
Depreciation adjustment on property placed in service after 1986
 and
Adjusted gain or loss
 fields in the
WISepK
 screen.
Current-year asset disposition information transfers directly to Wisconsin Form 4797, Wisconsin Form 4684, and Wisconsin Form 8824. UltraTax CS uses the state cost and depreciation to calculate the Wisconsin sales and casualty and theft dispositions.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Wisconsin
  • Subject: Depreciation
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