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akaroshin
New Member

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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linear
Level 7

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

1. If you haven't already, you must complete Schedule LP yourself. You can get a copy of the form from Mass DOR: https://www.mass.gov/doc/2018-schedule-lp-credit-for-removing-or-covering-lead-paint-on-residential-...

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.

View solution in original post

5 Replies
linear
Level 7

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

1. If you haven't already, you must complete Schedule LP yourself. You can get a copy of the form from Mass DOR: https://www.mass.gov/doc/2018-schedule-lp-credit-for-removing-or-covering-lead-paint-on-residential-...

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.

View solution in original post

anarinsky
Level 2

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

Spoiler
If I have 2 properties deleaded should I use 2 schedule LP? 
linear
Level 7

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

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.)

Herbert570
Level 1

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

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.

linear
Level 7

I deleaded a rental property in Massachusetts in 2018. How do i enter this information on turbotax to get the state tax credits?

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.

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