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Form 1065 - Schedule D-1 for Kansas City Missouri: What You Should Know

Income earned by the nonresident for purposes of federal income tax. • Expenses related to the nonresident's business, including: • Rent paid; • Miscellaneous employee wages and salaries; • Renter's association dues; • Other fees and expense reimbursement; • Fees and expenses for services provided by the nonresident; and • Related business losses. • Deductions related to federal tax that accrued before April 2017. 2021 Instructions for Schedule D (Form 1065). Line 28 replaces line 17 for business expenses. 2021 Instructions for Schedule D (Form 1065) — IRS Deduct Interest and Other Expenses. The nonresident must deduct the following from all taxable income in calendar year 2024 using Schedule D (Form 1065). • Interest; • Amortization of property expense for business property; and • Other business expenses if the nonresident is required to allocate income to a specific year using Line 28 of Table A of the Form 1065. Note: Schedule D (Form 1065) includes the nonresident's share of the depreciation method recovery periods for depreciable business property acquired during the year. The nonresident must allocate the depreciation amount to the specific year using line 28 of the Schedule D. In addition, the nonresident must claim an allocable depreciation deduction equal to 50 percent of the amount required as an allocable deduction based on the method used to allocate the depreciation to the specific year. 2021 Instructions for Form 1065 — IRS 2021 Instructions for Schedule OF (Form 1065) — IRS Deduct Interest and Other Expenses. The nonresident must deduct the following from all taxable income in calendar year 2024 using Schedule OF (Form 1065) and the nonresident's income tax return. • Interest; • Amortization of property expense for business property; and • Other business expenses if the nonresident is required to allocate income to a specific year using Line 28 of Table A of the Form 1065. Note: Schedule OF (Form 1065) includes the nonresident's share of the depreciation method recovery periods for depreciable business property acquired during year 2023. The nonresident must allocate the depreciation amount to the specific year using line 28 of the Schedule OF.

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