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I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?
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Investors & landlords
2. You enter the credit amount on the MA Credits screen as a "Business related non-refundable credit".
3. Select the "Lead Paint Credit". Just enter the credit amounts - ignore the fields that don't apply to you.
TurboTax should generate Schedule CMS for you. You won't be able to e-file, as you need to send in the paper Schedule LP with your tax return.- Mark as New
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The Schedule LP form allows you to enter multiple properties. (But note that the 2019 form is still in draft at this time and will not be accepted for filing yet.)
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If I delead my own residence, which is not "business related" property, how do I enter the credit in the turbo tax? I am using the version for tax year 2020.
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Ignore the "business-related" wording in TurboTax. You still use the "Business Related Non-refundable Credit" item to enter the credit.
You will also need to download and complete Schedule LP (https://www.mass.gov/doc/2020-schedule-lp-credit-for-removing-or-covering-lead-paint-on-residential-...) to calculate the credit.