Nebraska Personal Property Tax

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The UltraTax/Nebraska 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.

Nebraska forms and schedules

  • Personal Property Return
  • Net Book Value Personal Property Schedule

Depreciation treatments required for all NE PPT assets

The Tax or NE treatment must be entered for Nebraska Personal Property Tax returns. By default, the Tax treatment transfers to the return. However, if 3 is entered in the Choose treatment within the Asset module to complete return field on Screen Gen in the General folder for UltraTax/Nebraska Personal Property Tax, the NE 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 NE treatment.

Associations required for all NE PPT assets

  • Situs: Each asset must have Nebraska selected in the Situs field to transfer to the Nebraska 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 - NE: Select the appropriate personal property type for the asset from the drop-down list. Assets with the following property types transfer to the Nebraska Personal Property Return.
    • Agricultural machinery & equipment
    • Commercial & industrial property

    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 or X - Exempt is selected, the asset will not transfer to the Nebraska Personal Property Return.

Additional associations for NE PPT assets

Quantity: Enter information in this field to transfer information to the Number of Items field in the Nebraska Net Book Value Schedule.

See also

Entering de minimis assets

UltraTax CS personal property tax returns

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