Hello Turbotax experts,
I am a partner in an LLC that owns and operates a multifamily property in Georgia state (GA).
I received a K-1 form for 2019 that also has a GA form 700. I managed to enter the numbers from this form into my GA state tax return using TurboTax for desktop; I am satisfied with my craft.
But there is also a page "GA Schedule K-1 Footnotes" with the following items on it:
Gross income from debt-financed property: 14,910.
S/L depreciation directly connected: 10,985.
Other deductions directly connected and: -14,185.
Average acquisition debt: ...actual number not shown here...
Average adjusted basis of debt finance property:...actual number not shown here...
Where should I enter these numbers in the GA state return?
Also, I wonder: Every year so-far my investment shows a loss (due to the large deprecation amounts).
Does the loss accumulate year-after-year on some GA state form, which will be used in future years to offset profits? What is that form?
Thank you!
- your ghettodawg.
