Depreciation for states - the forms show the total depreciation

Forum|Forum|5 years ago
May 6, 2021
2 replies
21 views

I have a CA-NY Part-Year resident with a rental. Depreciation must be allocated to each state. The state depreciation schedules show the total, annual depreciation. So, the Federal, CA and NY schedules are all the same. I would like to know the exact depreciation for each state. Is there a way?

Lacerte Tax

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sjrcpa

Level 15

In what state is the rental?

The more I know the more I don’t know.

abctax55

Level 15

Assign every asset related to the non-resident state rental to THAT state. I find using Ctrl W for batch entry is a great way to do that.

HumanKind... Be Both

S

strongsilenceAuthor

Level 10

SJR, the Rental is in NY

The new assets, purchased after TP arrived in NY, were coded to NY. The building, purchased in 2019, is 50/50 to each state for 2020 because the TP moved July 1 to NY so I assigned 50% of the total cost to each state. However, NY and CA and Fed deprecation are all the same

The CTRL-W batch is interesting and useful but I don't see how that would make State depreciation schedules any different. The state schedule still match the Fed schedule.

sjrcpa

Level 15

All depreciation is NY because that's where the rental property is. The entire rental activity is taxable in NY. In addition, it is taxable in CA for the pro rated portion of the year they lived in CA.

There may not be any depreciation differences between federal, CA and NY. They mostly arise with bonus depreciation and Section 179, not real property..

The more I know the more I don’t know.

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