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State tax filing
Since you have the farmland listed with rental information, go back into the rental section and do two things.
- General property information, mark that you sold the property this year and enter the date.
- Go to assets, and depreciation
- Land is not depreciated.
- Any other assets should also be sold for $0.
Nonresidents of Iowa must file a return if they have $1,000 net income from Iowa.
Prepare the Iowa return first to create a tax liability. Then go into your state return. Yes, the state has information it pulls in. Just don't go through and finish your state resident return until you complete your nonresident return.
The Iowa return takes a long time going through a lot of screens - all of the resident screens, then it comes to nonresident and lists all of your income. You select the Iowa amount and finish up.
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May 16, 2021
8:18 PM