Georgia Form 700 Schedule K-1 - What's the difference between Total Income for Georgia Purposes vs Total Georgia Income?

[jkm88]

Hello Turbotax Community,

I am a resident of NJ.  I invested in a real estate syndication fund back in Dec 2021 which owns several apartments in GA, TX, and FL.  I did not receive any distributions during 2021 (although my investment earned $26 interest though).  I got my 1065 K1 yesterday with a GA 700 form attached to it.  See the GA 700 screenshot below. 

As expected, it was a net loss due to the bonus depreciation (-$28,635).  I understand that GA does not fully recognize the bonus depreciation.  Hence, depreciation adjustment was applied.  I understand how it went from -$28,635 down to -$21,336.  I need some help to understand what's the difference between the Total Income for Georgia Purposes (-$21,336) vs the Total Georgia Income (-$1,898). 

• Does this mean GA only recognizes the (-$1,898) in depreciation since the entire (-$28,635) in depreciation may belong to other properties in TX/FL?
• From a TT reporting standpoint, I assume the number that I need to report in GA is the Total Georgia Income (-$1,898), NOT the Total Income for Georgia Purposes (-$21,336)

Appreciate your guidance!  Thanks!

[AliciaP1 · Accepted solution]

You are correct in claiming the GA income as -$1,898.  The line item for the -$21,336 should more accurately read "Total (Federal) Income for Georgia (Income Calculation) Purposes".