topic Moving from Oklahoma to Texas: How do I allocate depreciation expense in State tax filing

Moving from Oklahoma to Texas: How do I allocate depreciation expense

foobarred — Sat, 27 Feb 2021 22:18:34 GMT

I moved from Oklahoma to Texas in 2020 and filing an Oklahoma Form 514 for my LLC Partnership.

It asks me to allocate income and expenses to Oklahoma vs. everywhere else.

Since depreciation is a large part of my business expense, can I allocate a percentage of the depreciation to Oklahoma for the time I remained there in 2020?

Re: Moving from Oklahoma to Texas: How do I allocate depreciation expense

MaryK4 — Sun, 28 Feb 2021 01:03:41 GMT

Yes, you can allocate the expenses prorata according to the time you were located in each state.

Re: Moving from Oklahoma to Texas: How do I allocate depreciation expense

foobarred — Sun, 28 Feb 2021 15:04:01 GMT

Thanks!