Tax Info - Federal Bonus Depreciation for K1 Sales Schedules - Tax Info - InvestorVillage
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Msg  8 of 11  at  3/7/2015 2:30:49 PM  by

rlp2451


Federal Bonus Depreciation for K1 Sales Schedules

 If you sold an MLP during 2014, you should have gotten a Sales Schedule to use to determine the amount of Ordinary Gain/Loss for the MLP.   For the first time this year, I notice one of the MLPs I sold has two schedules, one for the Federal Return and another for the State if the state has NOT adopted the Federal Bonus Depreciation.  I found a link that shows which states have adopted it although it's dated 2014 and may have changed since then  For example, this is from the North Carolina DOR website:
 
"If the General Assembly enacts legislation to update the Code reference as recommended, North Carolina will require additions on the corporate and individual income tax returns for (a) 85% of the amount deducted as bonus depreciation on the federal return and (b) 85% of the difference between the amount deducted on the federal return for Code section 179 expenses, using the federal dollar and federal investment limitations, and the amount that would be deductible for Code section 179 expenses using the North Carolina dollar and North Carolina investment limitations set out for 2014 ...
 
"Any person filing a North Carolina income tax return whose 2014 federal taxable income or federal adjusted gross income is impacted by the amendments to federal law included in TIPA should consider waiting to file the 2014 North Carolina income tax return until the General Assembly takes action. A taxpayer who files the 2014 income tax return before the General Assembly takes action may have to amend the return to reflect the General Assembly’s action. The General Assembly is scheduled to convene on January 28, 2015. If the General Assembly enacts legislation to update the Code reference, the Department will provide additional guidance, including how to report any required additions on the 2014 returns.  "   To date, North Carolina has not issued any additional guidance.
 
Below is the link for each state.  I would suggest you visit your state's department of revenue website, search for "federal bonus depreciation" for any updates:
 


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