Hello....I saw this thread and have several additional questions regarding 'Federal Reg Bonus Depreciation Adjustment for Non-Conforming States' reported on PTP K-1's. I live in Iowa which is a non-conformimg state. I sold a number of PTP's in 2020. I see where to make the income adjustment on my Iowa return for this item....specifically called out on Iowa return.
My questions: 1) the amount of the adjustment for each K-1 is sometimes a negative amount and sometimes positive for the bonus depreciation adjustment. Do I add positive adjustments to Iowa income and reduce income by negative adjustments or vice versa? 2) do I adjust Iowa income for these K-1 amounts only in year when the PTP is sold or do I adjust Iowa income each year if reported on K-1 regardless of whether PTP sold or not?
Any input would be greatly appreciated. Thank you.
