Investors & landlords
The KY program asks about federal and state differences several places. I assume you entered the negative adjustment to the basis in one of those places. Review your answers to locate the errant information.
KY sch A is itemized deductions. Mortgage interest, charity, etc. I am not understanding your sch A description. Do you mean another form?
State depreciation can vary based on the dates - 2011 is one big date and another would be residency established. You also have variation is depreciation allowed based on incomes and allowed depreciation types. Schedule M line 3 shows special depreciation allowance of 30% or 50% allowed on federal along with Sec 179 taken. These numbers should be pulling in from the federal and be fine.
The gain adjustment is the most reasonable starting place. See if you can backtrack through your paperwork and the program to determine where that number came from - is it something you entered or the program carried over and work your way through.
Be sure to view all your worksheets, not just the forms.
To print or view your forms:
- In desktop, switch to Forms Mode.
- For online:
- On the left side, select Tax Tools
- Select Print center
- Select Print, save or preview this year's return
- If you have not paid, select pay now.
