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Form W-3PR for Georgia: What You Should Know
For your convenience, a single copy of this form is available for 20. We will also mail you both the online and paper copy! 500 Georgia Depreciation and Amortization form. What's New? Georgia, Michigan, Kentucky, Indiana, South Carolina, and Tennessee all have a depreciation rate. (I'll have more on that in future posts. This article is meant to cover the state tax code and not the federal tax code.) There are two depreciation forms you will need to get your Georgia property tax return filed with. One is Form 2190, the same tax form you can get from your local office, and the other is Georgia Depreciation or Amortization Form 500. Forms 2190 and 500 both include the State Tax Code which determines how you are taxed. The State Tax Code is located under Title 4, Division 1 of the code. The first tax is the gross receipts tax, which is 5.5% of your average taxable gross receipts. The second tax is the cost of improvements, which is 7.5% of your average taxable gross receipts. Both taxes are computed on your regular income tax forms. When you file your State Tax Return, use each of the two depreciation forms to enter the amount of depreciation you have for your property on all property (not only for your property in the state). If you receive a 1099 from the state to deduct the depreciation, file the appropriate State Tax return to the form (form 4473) with the 1099 and enter the amount on your Georgia return. That way, the 1099 will not show up as an expense on the Georgia tax form. If you receive 1099 information instead of a 1098, you can use Form 4233 to claim the 1099 on your Georgia Form 1040, however you must include any 1099 information on your Georgia return. If you already file a Georgia tax return and wish to claim a property tax deduction, fill out a supplemental State Tax Return (form 4453) and attach any 1099 information to that return. Also see: Georgia Depreciation Tax Return Filing Georgia Property Tax Returns at a Lower Rate Form 4231, Amended Georgia Depreciation Tax Return Georgia Depreciation Tax Return Georgia Depreciation Tax Return (Inclusive of the Business Activity Limitation Adjustment). What's New? Georgia, Mississippi, and South Carolina all reduce their deduction rates when a property is placed to the depreciating use for 6 years.
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