Knowledge Base

10994: SC - Depreciation to Property Categories on Schedule N

South Carolina

On a South Carolina 1120, how do I get property to flow to Schedule N? 

By default, depreciation information flows from the federal 4562 screens to the SC return as a single entry for "buildings" on SC Schedule N, line 2. This is because the federal return does not have a way to specify the categories that are needed for use by the state return for anything other than land. Land is different because it is entered as a separate recognizable amount in the federal return (the land cost field or as a separate asset with a description beginning with LAND). You, as the preparer, are responsible for correctly categorizing the state depreciation information on the state return. If the amounts need to be moved from the buildings line, changes are made on the SC > SCHN screen. If line 5, Other Property, is used, be sure to enter details in the Explanation of Property section on the SCHN screen as applicable. 

Note: If the corporation uses the federal APPT screen to apportion property between multiple states, the correct category totals entry fields are available and thus information will flow to the SC Schedule N without additional overrides being necessary on the SC SCHN screen.  

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