I have S-Corp in California and live in Texas, got multiple question.
1. I am adding assets for Depreciation, and it says - The section 179 limit for Texas for assets is $25000. Why it says Texas? Texas Section 179 Expence Field. Never had to deal with that. I double checked that corporation has only California state selected and it has California address. What S-corp has to do with Texas? It drives me crazy. Last year I did with TaxAct and did not have this kind of issue. Please help
2. Once I will hopefully file and receive Schedule K-1. Do I need to file my personal taxes for both states? I will receive Schedule K-1 from s-corp which does business in California and I live in Texas