I am a Georgia resident with out-of-state rental income. This will be the first year I am reporting on this recently inherited properties. In the Georgia tax return window, the "Depreciation Adjustment Subtraction" and "Depreciation Adjustment Additions" fields are empty.
1. Does TurboTax automatically do these calculations?
2. If not, how do I figure this out?
Thanks.
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Your Georgia income is based on your Federal Adjusted Gross Income Form 1040 Line 11.
Those entries have nothing to do with an out of state rental property.
Depreciation Adjustment Subtraction - Enter depreciation differences between Georgia and federal in years 1981 through 1986.
Depreciation Adjustment Additions - You may need to add to your Georgia income when your federal depreciation is more than the allowed Georgia depreciation. This may happen during the first years of depreciation or when you take bonus depreciation. Add the difference when your federal depreciation expenses are larger than Georgia's
So, if I understand this correctly, TurboTax does not automatically populate these fields, right?
Adjustments may be needed by you if required ... if the program doesn't give you the option it is because it is not required.
Requirements :
Depreciation Adjustment Subtraction - Enter depreciation differences between Georgia and federal in years 1981 through 1986.
Depreciation Adjustment Additions - You may need to add to your Georgia income when your federal depreciation is more than the allowed Georgia depreciation. This may happen during the first years of depreciation or when you take bonus depreciation. Add the difference when your federal depreciation expenses are larger than Georgia's
so I am understanding that TurboTax will not automatically compute these numbers and populate the fields, right?
The program is giving me to empty fields, one for subtraction, and one for addition. How do I figure out if they need to be filled in and, if so, where do I find the pertinent information?
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