Georgia Form 4562

Forum|Forum|2 years ago
February 19, 2024
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Hello TurboTax Community,

I am a resident of NJ but I am filing in GA as a nonresident because of a Georgia K1 form.

I also have a rental property in TX which I claimed bonus depreciation. Since GA does not recognize bonus depreciation, I need to adjust the depreciation schedule in GA.

Where can I find (or how do I generate) Georgia Form 4562 in TT? This is similar but different from the federal level Form 4562. I am looking for the Georgia version of it where you record depreciation adjustments for my rental property in TX since GA does not recognize bonus depreciation.

Appreciate your help.

Thanks.

JamesG1

You may have to record the depreciation adjustment at the screen Depreciation Adjustment in the Georgia nonresident state income tax return.

Use the Georgia form to compute the difference that is required but make the adjustment at this screen.

Explanations from the hyperlink are here.

Additions

You may need to add to your Georgia income when your federal depreciation is more than the allowed Georgia depreciation. This is may happen during the first years of depreciation or when you take bonus depreciation. Add the difference when your federal depreciation expenses are larger than Georgia's.

Georgia has not adopted the following extenders:

Subtraction

You may subtract from Georgia income when you have taken larger depreciation or bonus depreciation in earlier years. Subtract the difference when your Georgia expenses are larger than your federal's.

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