Kentucky Personal Property Tax

Alerts and notices

The UltraTax/Kentucky Personal Property Tax application supports 1040, 1041, 1065, 1120, 1120S, and 990 entities. It prepares the local property tax returns from depreciation data entered in the Asset Detail dialog.


Kentucky forms and schedules

  • Form 62A500 - Tangible Personal Property Tax Return
  • Form 62A500-A - Tangible Personal Property Tax Return (Aircraft)
  • Form 62A500-W - Tangible Personal Property Tax Return (Documented Watercraft)
  • Form 62A500-S1 - Automobile Dealer’s Inventory Listing For Line 34
  • Form 62A500-M1 - Boat Dealer’s Used Inventory Listing For Line 31
  • *Form 62A500-C - Consignee Tangible Personal Property Tax Return
  • *Form 62A500-L - Lessee Tangible Personal Property Tax Return

* Non-calculating form

Depreciation treatments required for all KY PPT assets

The Book or KY treatment must be entered for Kentucky Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if the Complete return using the KY treatment within the Asset module field is marked on Screen Gen in the General folder for UltraTax/Kentucky Personal Property Tax, the KY treatment will transfer to the return.

Note: If you previously entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the KY treatment.

Associations required for all KY PPT assets

  • Situs: Each asset must have Kentucky selected in the Situs field to transfer to the Kentucky Personal Property Tax return.
  • Location: Enter the address of where the property is located. A property tax return is created for each location entered. This information transfers to the Property Location field on Form 62A500, 62A500-A, or 62A500-W. The maximum number of characters that transfer is 35.
  • County - KY: Select the county the asset is located in from the drop-down list.

    Note: The list for this association is maintained by UltraTax CS and Fixed Assets CS and cannot be modified.

  • PPT type - KY: Enter the appropriate personal property type for the asset. Assets with the following property types transfer to Form 62A500.
    • Schedule A - Class I
    • Schedule A - Class II
    • Schedule A - Class III
    • Schedule A - Class IV
    • Schedule A - Class V
    • Schedule A - Class VI
    • Schedule B - Class I
    • Schedule B - Class II
    • Schedule B - Class III
    • Schedule B - Class IV
    • Schedule B - Class V
    • Schedule B - Class VI
    • Industrial revenue bond - Class I
    • Industrial revenue bond - Class II
    • Industrial revenue bond - Class III
    • Industrial revenue bond - Class IV
    • Industrial revenue bond - Class V
    • Industrial revenue bond - Class VI
    • Livestock & farm equip - Class I
    • Livestock & farm equip - Class II
    • Livestock & farm equip - Class III
    • Livestock & farm equip - Class IV
    • Livestock & farm equip - Class V
    • Livestock & farm equip - Class VI
    • Recycling mach & equip - Class I
    • Recycling mach & equip - Class II
    • Recycling mach & equip - Class III
    • Recycling mach & equip - Class IV
    • Recycling mach & equip - Class V
    • Recycling mach & equip - Class VI

    Assets with the Aircraft property type transfer to Form 62A500-A. Assets with Watercraft property type transfer to Form 62A500-W. Assets with the X - Exempt property type or blank do not transfer to any form.

    Note: The list for this association is maintained by UltraTax CS and Fixed Assets CS and cannot be modified. If the association fields are blank or X - Exempt is selected, the asset will not transfer to Form 62A500.

Additional associations required for KY PPT assets

Aircraft and watercraft require additional asset associations. For details on the required associations, click the appropriate property type.

Note: If a client does not have any aircraft or watercraft assets, you can turn off these associations. To do so, choose Setup > Associations, clear the checkbox next to an association, and click OK.

Enter the following asset associations for Kentucky PPT Aircraft assets.

  • License/reg/cert#: Enter the registration number for an airplane. This information transfers to the Federal registration number field in the Description section on Form 62A500-A. The maximum number of characters that transfer is seven.
  • Condition: Enter the condition of the asset. This information transfers to the Condition field on Form 62A500-A. The maximum number of characters that transfer is 9.
  • Year built: Enter the year the asset was built. This information transfers to the Year field in the Description section on Form 62A500-A. The maximum number of characters that transfer is 4.
  • Horsepower: Enter the power of the asset. This information transfers to the Power field in the Description section on Form 62A500-A. The maximum number of characters that transfer is 15.
  • Serial #: Enter the serial number of the asset. This information transfers to the Serial Number field on Form 62A500-A. The maximum number of characters that transfer is 22.
  • Aircraft - Make/mfr: Enter the airplane's make or manufacturer. This information transfers to the Make field on Form 62A500-A. The maximum number of characters that transfer is 20.
  • Aircraft - Model: Enter the model of the aircraft. This information transfers to the Model field on Form 62A500-A. The maximum number of characters that transfer is 20.
  • Size: Enter the size of the aircraft. This information transfers to the Size field in the Description section on Form 62A500-A. The maximum number of characters that transfer is 15.

Note: If the client is not completing Form 62A500-A (Aircraft Assessments), you can turn off the applicable associations. To turn off an association, choose Setup > Associations and clear the checkbox next to the association.

Enter the following asset associations for Kentucky PPT Watercraft assets.

  • License/reg/cert#: Enter the registration number for the Coast Guard Number for watercraft. This information transfers to the Coast Guard Number field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 10.
  • Condition: Enter the condition of the asset. This information transfers to the Condition field on Form 62A500-W. The maximum number of characters that transfer is 15.
  • Year built: Enter the year the asset was built. This information transfers to the Year field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 4.
  • Horsepower: Enter the power of the asset. This information transfers to the Motor Horse Power field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 10.
  • Boat - Make/mfr: Enter the make of the watercraft. This information transfers to the Make field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 20.
  • Boat - Model/mfr: Enter the model of the watercraft. This information transfers to the Model field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 20.
  • Length: Enter the length and the beam of the watercraft. This information transfers to the Length and beam field in the Description section on Form 62A500-W. The maximum number of characters that transfer is 20.

Note: If the client is not completing Form 62A500-W (Documented Watercraft), you can turn off the applicable associations. To turn off an association, choose Setup > Associations and clear the checkbox next to the association.

See also

Entering de minimis assets

UltraTax CS personal property tax returns