I'm filing a 1041 for a pass through entity, an estate. The estate earned income through rental real estate and distributed all of the income to beneficiaries. Turbotax generated Federal K-1's with the following relevant info:
Box 7 (Net rental real estate income): 23,270
Box 9 (Directly apportioned deductions): A* 12,582
Box 12 (Alternative minimum tax adjustment): G* 4,151
I'm also manually filling out the Idaho K-1. Does anyone know where in the Idaho K-1 I should enter the $12,582 figure (the "Directly apportioned deductions"), which is the depreciation for the rental property?
The instructions for the ID form are bundled together with the form:
https://tax.idaho.gov/forms/EFO00201_02-03-2020.pdf
I've read through the instructions but haven't found them helpful for accounting for the depreciation.
Here are the lines of the Idaho K-1 that pertain to income, additions, subtractions:
Federal Income
7. Ordinary income (loss)
8. Net rental real estate income (loss)
9. Interest income
10. Ordinary dividends
11. Royalties
12. Net short-term capital gain (loss)
13. Net long-term capital gain (loss)
14. Other income (loss). Include schedule
15. Section 179 deduction
16. Guaranteed payments subject to Idaho apportionment factor
17. Charitable contributions
18. Trust/Estate income
19. Subtotal, federal income
Idaho Additions
20. State, municipal and local taxes
21. Interest and dividends not taxable under
Internal Revenue Code (IRC)
22. Bonus depreciation addition
23. Other Idaho additions. Include schedule
Idaho Subtractions
24. Interest from Idaho municipal securities included in
line 21, net expenses
25. Interest on U.S. government obligations, net expenses
26. Idaho technological equipment donation
27. Bonus depreciation deduction
28. Other Idaho subtractions and descriptions
29. Subtotal net business income
Allocated Income
30. Guaranteed payments sourced as compensation to Idaho
31. Guaranteed payments sourced as compensation
to another state
32. Other allocated income. Include schedule
33. Total allocated income
34. Idaho distributable income
