Hello,
I am entering in K-1's on multifamily investments I am in. There are modifications listed in the K1: EA-209 and ES-213. EA-209 is very substantial since Year 1 depreciation on multifamily is huge.
I tried to enter this in "Changes to Federal Income" -> "Other New York Adjustments to Federal Income" item " Partner, Shareholder, and Beneficiary Adjustments". When I enter in these additions and subtractions, my taxes owed skyrockets - I don't see how this can be correct, since depreciation is not real income, and it is adding amounts listed on EA-209 to my taxable income for NY.
Is there another section to enter in EA-209/ES-213 (K1 depreciation items)? I assume it should just be a worksheet that would track passive losses/gains, similar to federal.
Thank you!