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Different asset basis for Federal and State
When using TT business, assets are entered on the Federal side and they carry over to the State return. TT does a good job adjusting for differences in Section 179) deductions where my state (Hawaii) has $25,000 limit. TT will show you the Asset Life History (complete depreciation schedule) for an asset on the Federal side but I can't find a way to see the Asset Life History for my state. Any clue as to how so see that or do I just have to trust TT to do it correctly each of the next 5 years?
Also, I have an asset that will have a different basis on the Federal and State sides. I see no possibility anywhere to overriding the basis on the State side of the program. Any suggestions???
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‎February 22, 2024
7:58 PM