North Carolina Personal Property Tax

Alerts and notices

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

North Carolina forms and schedules

  • Business Personal Property Listing
  • Schedule B-1 - Unclassified/Unregistered Motor Vehicles, Trailer, and Special Body Information
  • Schedule B-2 - Watercraft and Engines for Watercraft
  • Schedule B-3 - Mobile Homes and Mobile Offices
  • Schedule B-4 - Aircraft
  • Schedule C-1 - Property In Your Possession On January 1 That Is Owned By Others
  • Schedule E-1 - Farm Equipment - Tractors, Implements, Bulk Barns, Etc.
  • Schedule G-1 - Acquisitions and Disposals Detail
  • Schedule H-1 - Real Estate Improvements
  • Schedule I-1 - Billboards – Outdoor Advertising Structures
  • Schedule J-1 - Leased Equipment Schedule
  • *Schedule A-1 - Additional Schedules for Machinery & Equipment
  • *Schedule A-2 - Multiple Years Schedule for Machinery & Equipment

* Non-calculating form

Depreciation treatments required for all NC PPT assets

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

Associations required for all NC PPT assets

  • Situs: Each asset must have North Carolina selected in the Situs field to transfer to the North Carolina Personal Property Tax return.
  • Location: Enter the street address of the company where the assets are located. A property tax return is created for each location entered.
  • PPT type - NC: Select the appropriate personal property type for the asset from the drop-down list. The property types and the forms they transfer to are listed in the following table.
    Property Type Form
    Aircraft Schedule B-4
    Computer equipment Schedule A
    Farm equipment Schedule E-1
    Improvements to leased property Schedule A
    Machinery & equipment Schedule A
    Mobile homes & offices Schedule B-3
    Office furniture & fixtures Schedule A
    Other Schedule A
    Vehicle Schedule B-1
    Vehicle - Special body Schedule B-1
    Vehicle - Trailer Schedule B-1
    Watercraft Schedule B-1
    Watercraft engines Schedule B-2

Note: The associations listed above are maintained by UltraTax CS and Fixed Assets CS and cannot be modified. If the association fields are left blank, the asset will not transfer to the return.

Additional associations for NC PPT assets

  • Aircraft - Make/mfr: Enter this information when you use the Aircraft Property type to transfer the information to Schedule B-4.
  • Aircraft - Model: Enter this information when you use the Aircraft Property type to transfer the information to Schedule B-4.
  • Boat - Make/mfr: Enter this information when you use the Watercraft or Watercraft engine Property type to transfer the information to Schedule B-2.
  • Boat - Model: Enter this information when you use the Watercraft or Watercraft engine Property type to transfer the information to Schedule B-2.
  • Boat - Motor type: Enter this information when you use the Watercraft engine Property type to transfer the information to Schedule B-2.
  • Equip - Make/mfr: Enter this information when you use the Mobile homes & offices Property type to transfer the information to Schedule B-3.
  • Equip - Model: Enter this information when you use the Farm equipment Property type to transfer the information to Schedule E-1.
  • Fuel type: Enter this information when you use the Farm equipment Property type to transfer the information to Schedule E-1.
  • Length: Enter this information when you use the Vehicle - Trailer, Watercraft, Watercraft engines, Mobile homes & offices Property type to transfer the information to the appropriate schedule.
  • License/reg/cert#: Enter this information when you use the Watercraft, Watercraft engines, Mobile homes & offices, Aircraft, Vehicle, or Vehicle – Trailer Property type to transfer the information to the appropriate schedule.
  • Orig acq cost (used): Enter the original cost of the asset when purchased by its original owner. If the asset is marked as used in the upper-right corner of the Asset Detail dialog, this amount transfers to NC PPT return instead of the amount in the Cost/Basis field in the Book or NC treatment columns.
  • Orig date in svc (used): Enter the original date the asset was first placed in service by its original owner. This date transfers to the NC PPT return instead of the date entered in the Date acquired field on the Other tab of the Asset Detail dialog.
  • Trailer: Enter this information when you use the Vehicle - Trailer Property type to transfer the information to Schedule B-1.
  • Vehicle - Make/mfr: Enter this information when you use the Vehicle, or Vehicle - Trailer Property type to transfer the information to Schedule B-1.
  • Vehicle - Model: Enter this information when you use the Vehicle, or Vehicle - Trailer Property type to transfer the information to Schedule B-1.
  • Year built: Enter this information when you use the Watercraft, Watercraft engines, Mobile homes & offices, Aircraft, or Farm equipment Property type to transfer the information to the appropriate schedule.

See also

Entering de minimis assets

UltraTax CS personal property tax returns

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