New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

UltraTax CS automatically calculates depreciation adjustments when assets entered in the Asset module are coded to MACRS/ACRS method. Information will transfer to Screens NYDepr and NYCDepr. Use the force fields on Screen(s) NYDepr NYCDepr to force amounts other than what is calculated, or if the asset module is not being used. 

Bonus depreciation

New York and NYC do not conform to federal 168(k) bonus depreciation with the exception of Liberty zone property. Adjustments transfer from federal data entry to Screens NYDepr and NYCDepr and are calculated on Form IT-398.

Section 179

New York and NYC conforms to IRC section 179 expense deduction and no adjustments will be made. 

Liberty Zone

Beginning in 2005, Liberty Zone property qualify for increased section 179 deduction of $35,000 (in addition to the maximum $500,000). To calculate this, go to the federal asset module and open the asset. Then, you can either:

• Override the Section 179 field in the NY and NYC column
• Choose Setup > Treatments and select the NY or NYC state treatment. Then click on Options, select the Sec 179 tab, and enter a maximum dollar of $535,000.

UltraTax CS does not automatically calculate the increased section 179 if you go to the federal asset's Other tab and choose NYLZ in the Go Zone/168(k) (force) drop-down.

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