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Personal Property Tax (PPT) returns

Asset information for state PPT returns

Asset information for state PPT returns comes from data you enter in the federal Asset module. UltraTax CS assumes that all taxable assets for the state are entered in either the
Book
 or applicable state column in the Asset module. It ignores any asset data in the
Tax
 column.
The following provides a general overview of entering asset information for state PPT returns. For specific state information and data entry, browse the state articles in the Index.
  1. Open the client return.
  2. Add the state PPT return in
    File > Client Properties
  3. Go to the applicable activity and open the
    Asset
     tab.
  4. Enter a Situs for one or more assets:
    1. For one asset, open it from the Asset window and select a
      Situs
      .
    2. For multiple assets, choose
      Edit > Reassign
       assets to select and change more than one.
    3. For a multiple-unit activity, like a group of rental units, choose
      Setup > Activity
       and edit the activity.
  5. Enter additional associations required for your state PPT return, like location or type. Association fields are blue and they'll appear at the top of the Asset window or in the
    Other
     tab of the Asset window.
  6. Enter depreciation data in the Book or applicable state column.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual, 1120 Corporation
  • State: California, District of Columbia

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