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Wisconsin Personal Property Tax
The UltraTax / Wisconsin Personal Property Tax application supports 1040, 1041, 1065, 1120, 1120S, and 990 entities. It prepares the personal property tax returns from depreciation data entered in the
Asset Detail
window.Wisconsin forms
- Form PA-003 - Statement of Personal Property
- Form M-P - Manufacturing Personal Property Return
Depreciation treatments required for all WI PPT assets
The Book or WI treatment needs to be entered for Wisconsin Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if you mark the
Complete return using the WI treatment within the Asset module
checkbox on the Gen
screen in the General folder for UltraTax / Wisconsin Personal Property Tax, the WI treatment will transfer to the return.note
If you've entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the WI treatment.
Associations required for all WI PPT assets
- Situs:For each asset, you'll need to selectWisconsininSitusto transfer to the Wisconsin 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. This information transfers to the Form PA-003Property Addressor the Form M-PStreet Address of Personal Property Location(s). The form type (Form Type - WI) determines which form is applicable. The maximum number of characters that transfer is 25.
- Form type - WI:Select the form the asset is reported on from the dropdown list. You can leave this blank for assets reported on Form PA-003 ifPPT type - WIis completed.
- PPT type - WI:Select the personal property type for the asset from the dropdown list.
- PPT type - WI (Mfg):Select the personal property type for the asset from the dropdown list.Property TypeFormSch B - Boats & watercraftForm M-P, Page 4Sch B - Exempt boats & watercraftForm M-P, Page 4Sch C - Computers, software & fax machinesForm M-P, Page 14Sch C - Exempt computers, software & fax machinesForm M-P, Page 14Sch D - Copiers, telephone systems & equipForm M-P, Page 7Sch D - Exempt copiers, telephone systems & equipForm M-P, Page 7Sch F - Furniture, fixtures & office equipmentForm M-P, Page 8Sch LB - Buildings on leased landForm M-P, Page 13Sch LI - Leasehold improvements & building compForm M-P, Page 10Sch LI - Non-taxable leasehold improvements & building compForm M-P, Page 10Sch M - Exempt mach, tools, patterns & shop equipForm M-P, Page 5Sch M - Machinery, tools, patterns & shop equipForm M-P, Page 5Sch N - Boilers assessed as personal propertyForm M-P, Page 6Sch O - Non-taxable other propertyForm M-P, Page 12Sch O - Other propertyForm M-P, Page 12Sch O - PalletsForm M-P, Page 12Sch Y-P - Over-the-road vehiclesForm M-P, Page 3Sch Y-P - Waste treatmentForm M-P, Page 3
note
These associations are maintained by UltraTax CS and Fixed Assets CS and can't be modified. If you select
X - Exempt
, the asset won't transfer to Form PA-003 or M-P. If Form type - WI doesn’t equal M-P, the entry in the PPT type - WI (Mfg)
will be ignored.Additional associations for WI PPT assets
- Fair market value:Used for Forms PA-003 and M-P only. Enter information when you use theSchedule E - Buildings on leased landorSch LB - Buildings on leased landproperty types.
- Useful life - Estimate:Used for Forms PA-003 and M-P. Enter information when you use theSchedule B - Boats & watercraft(PA-003),Schedule H - All other personal property, orSch B - Boats & watercraft(M-P) property types.
This article applies to:
- Product: Fixed Assets CS
- Return type: Personal Property Tax
- State: Wisconsin