suezeekay
Joined: 21 Mar 2006
Posts: 2
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 Posted:
Tue Mar 21, 2006 9:44 am Post subject:
California and 179 depreciation expense |
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1. When a carryover is passed through is the CA limit of $25,000 for each taxpayer, or for a 50% shareholder do I have to change the limit to $12,500?
2. TurboTax carries over the Business income amount for the CA Business income limitation from the federal F4562 but I'm not sure this is correct. The instructions seem to say it's only corp. income plus 179. Anyone know?
3. Can an individual take a loss from S-corp income resulting solely from the 179 deduction, on his California return?
It's 4:30am and I've been reading all the CA instructions and codes until I'm blue in the face and can't find definitive answers to the above. Any help would be greatly appreciated.
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