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Question

? our of state rental in Illinois past years calulations for Illinois had us paying taxes on full revenue an disregard exp this year exp exc rev no tax liability why?

Forum|Forum|2 years ago
March 6, 2024
1 reply
0 views

Has the laws for Illinois changed between 2022 and 2023 on rentals?

TurboTax Online

Historically, Illinois has decoupled from the federal 30% and 50% bonus depreciation rules but conformed to the 100% bonus depreciation rules. Under SB 2017, for tax years ending on or after December 31, 2021, Illinois would also decouple from the 100% bonus depreciation rule.

so if you had no bonus depreciation, whatever the INCOME was for federal purposes should have been THE SAME for Illinois purposes. Losses would also be the same for both.