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Illinois imposes an income tax on its residents, part-year residents, and nonresidents who have Illinois source income. Nonresidents are generally required to file Form IL-1040 if they have any net Illinois source taxable income.

In this example, we look at a single-filing taxpayer who is a full-time resident of Florida. The individual purchases a rental property in Illinois and is required to file Form IL-1040 with Schedule NR.

Illinois does not conform to the federal bonus depreciation rules, so it requires federal-to-state adjustments to remove the federal bonus depreciation from the calculation. These adjustments are reported on Form IL-4562 and Schedule M.

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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

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