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Depreciation

Asset depreciation issue for 1065 New York 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 the application calculates depreciation, the application transfers depreciation amounts from the asset module or Fixed Assets CS. You'll need to enter information in the statement window in the
NYDepr
 and
NYCDepr
 screens for both New York State and New York City.
For assets entered with an ACRS / MACRS code in the
Tax
 column but not in the
NY
 column, UltraTax CS prints the depreciation adjustment information on Form IT-399 and Form NYC-399 or in statements attached to the return.
To specially allocate New York State and/or New York City and federal ACRS depreciation amounts, select
Ptr Alloc
 next to the
Depreciation
 field in the
NYDepr
 screen for New York State and in the
NYCDepr
 screen for New York City.
The state doesn't accept "various" for the date acquired; therefore, don't enter
999999
 in the
Date Acquired
 field.
Current-year asset disposition information transfers to the statement windows for the
Disposition adjustments
 fields in the
NYDepr
 and
NYCDepr
 screens. UltraTax CS then transfers the disposition-related depreciation adjustments to the various state and city forms.

This article applies to:

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

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