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?
You'll need to sign in or create an account to connect with an expert.
Yes, you can allocate the expenses prorata according to the time you were located in each state.
Yes, you can allocate the expenses prorata according to the time you were located in each state.
Thanks!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
SuzyQ727
Level 3
beccaapril
Level 1
Robert2035
Level 1
florence3
Level 2
J-Strat
Returning Member