Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Feb 22, 2024 7:58:22 PM

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???

0 73
0 Replies