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Nebraska Personal Property Tax

The UltraTax / Nebraska Personal Property Tax application supports 1040, 1041, 1065, 1120, and 1120S entities. It prepares the personal property tax returns from depreciation data entered in the
Asset Detail
 window.

Nebraska forms and schedules

  • Personal Property Return
  • Net Book Value Personal Property Schedule

Depreciation treatments required for all NE PPT assets

The Tax or NE treatment needs to be entered for Nebraska Personal Property Tax returns. By default, the Tax treatment transfers to the return. However, if
3
 is entered in
Choose treatment within the Asset module to complete return
 on the
Gen
 in the General folder for UltraTax / Nebraska Personal Property Tax, the NE treatment will transfer to the return.

Associations required for all NE PPT assets

  • Situs:
     Each asset needs to have
    Nebraska
     as the
    Situs
     to transfer to the Nebraska Personal Property Tax return.
  • Location:
     Enter the street address of the company where the assets are located. A property tax return is created for each location entered.
  • PPT type - NE:
     Select the personal property type for the asset. Assets with the following property types transfer to the Nebraska Personal Property Return.
    • Agricultural machinery & equipment
    • Commercial & industrial property

Additional associations for NE PPT assets

Quantity:
 Enter information here to transfer information to the
Number of Items
 in the Nebraska Net Book Value Schedule.

This article applies to:

  • Product: Fixed Assets CS
  • Return type: Personal Property Tax
  • State: Nebraska
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