Discussion:South Carolina Help Please
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| Revision as of 18:24, 23 September 2009 BRiggins (Talk | contribs) (FL - I am in Sou) ← Previous diff |
Revision as of 18:46, 23 September 2009 FLAcct (Talk | contribs) (BRiggins, thanks) Next diff → |
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| {{ForumReplyPost|UserID=BRiggins|Date=23 September 2009|Text=FL - I am in South Carolina so I will try to help you out. First I am just curious as to why such a large difference in the federal ordinary income compared to the sc. I usually follow the federal law when I cant find an answer in the instructions for SC. I have never had this issue so really not sure how to answer. }} | {{ForumReplyPost|UserID=BRiggins|Date=23 September 2009|Text=FL - I am in South Carolina so I will try to help you out. First I am just curious as to why such a large difference in the federal ordinary income compared to the sc. I usually follow the federal law when I cant find an answer in the instructions for SC. I have never had this issue so really not sure how to answer. }} | ||
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| + | {{ForumReplyPost|UserID=FLAcct|Date=23 September 2009|Text=BRiggins, thanks for your response. I imagine the large difference has to do with either a difference in state vs federal 1) Sec 179 depreciation deduction or 2) the 50% bonus depreciation allowed on the federal return by the Stimulus Act. I do know this business bought a lot of fixed assets in 2008 so that is why I think it may have to do with the depreciation deduction. Would this make sense to you?}} | ||
Revision as of 18:46, 23 September 2009
Discussion Forum Index --> Basic Tax Questions --> South Carolina Help Please
Discussion Forum Index --> Tax Questions --> South Carolina Help Please
| 23 September 2009 | |
| I am preparing a SC1040 for a nonresident. She received a K-1 from a partnership that is all passive income to her. The federal K-1 shows a 100,000 ordinary business loss and a net section 1231 loss of 70,000. Since these are passive losses and she has no passive income, none of these losses can be deducted in 2008 and will be carried forward. The SC K-1 shows ordinary business income of 42,000 and a net section 1231 loss of 70,000. On the Schedule NR I will have to show the 42,000 as income on Line 11, but can I show the net section 1231 loss on Line 8 of the Schedule NR even though this deduction is not allowed on the federal 1040? I have read the entire instructions to the SC1040 and can't find anything about passive losses so I am at a loss as to what to do here. I would really appreciate any help you can offer. | |
| 23 September 2009 | |
| FL - I am in South Carolina so I will try to help you out. First I am just curious as to why such a large difference in the federal ordinary income compared to the sc. I usually follow the federal law when I cant find an answer in the instructions for SC. I have never had this issue so really not sure how to answer. | |
| 23 September 2009 | |
| BRiggins, thanks for your response. I imagine the large difference has to do with either a difference in state vs federal 1) Sec 179 depreciation deduction or 2) the 50% bonus depreciation allowed on the federal return by the Stimulus Act. I do know this business bought a lot of fixed assets in 2008 so that is why I think it may have to do with the depreciation deduction. Would this make sense to you? | |
