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Screen CALLCRnt - California Single Member LLC - Rent and Royalty Property (1040)

Overview

Use this screen to calculate rent and royalty income.

Activity Information

This section displays the entity information for activities included in the Limited Liability Company. The
Activities included in LLC
 statement dialog lists all federal activities included in the LLC. If no data is present in the statement dialog, the LLC is a state unit only and no federal data entry is transferred to the LLC.

General Information

Information in this section transfers from federal Rent Screen for activities identified as included in the LLC. Enter any information for Form 8825 if different from the federal return.
Information entered in federal Rent Screen transfers to these fields. Form 8825 requires the description and the address of the property.
Enter the appropriate property type code in the field provided, or use the fieldview to make your selection. The description of the activity is displayed in the
Description
 field for all codes other than
8
; Other. For Other types of property, enter code
8
, and the description in the
Description
 field.

Income

Information in this section transfers from federal Rent Screen for activities identified as included in the LLC. Enter any amounts for the California LLC Form 8825 if different from the federal return.
UltraTax CS transfers the following information to this statement dialog:
  • Rent and royalties from Rent Screen
  • Form 1099-B, Bartering income
  • Form 1099-C, Canceled Debt income
  • Amounts from federal 1099M Screen
  • Buyer’s Part of Real Estate Tax (when
    Buyer’s part of real estate tax code
     =
    2
     in Sale Screen)

Expenses

Information in this section transfers from federal Rent Screen for activities identified as included in the LLC. Enter any amounts for Form 8825 if different from the federal return.
Forced amounts entered in federal Screen Rent transfer to this field. When blank, UltraTax CS defaults to including all auto expenses associated to the activity from data entered in the
California treatment
 fields in the asset module, CAAuto Screen, or CADepr Screen. Use this field to force an amount different from the calculated amounts. The ownership percentage is applied to the amount entered.
The amount entered in the
Buyer’s part of real estate tax
 field in federal Sale Screen with code
1 Real estate taxes already paid; reduce real estate taxes deducted
 transfers to this field. The real estate tax expense component for total Taxes expense reported on Form 8825 is the amount entered in the
Taxes
 field with code
2 Real estate taxes
 reduced by the amount in this field.
Forced amounts entered in federal Rent Screen transfer to this field. When blank, UltraTax CS defaults to including all depreciation associated to the activity from data entered in the
California treatment
 fields in the asset module or CADepr Screen. Use this field to force an amount different from the calculated amounts. The ownership percentage is applied to the amount entered.
Forced amounts entered in federal Rent Screen transfer to this field. When blank, UltraTax CS defaults to including all depletion associated to the activity from data entered in the
California treatment
 fields in the asset module or federal input screens. Use this field to force an amount different from the calculated amounts. The ownership percentage is applied to the amount entered.
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