BulldogTom Posted February 16, 2008 Report Posted February 16, 2008 I have a new client, full year CA resident but with Rental Activities in NY state. Rentals net a loss on 1040. Is a NY NR tax return required? Your help is appreciated. Tom Lodi, CA Quote
michaelmars Posted February 16, 2008 Report Posted February 16, 2008 IF YOU do business in NY you should do a return, after all a tenant may issue a 1099 showing rent paid and NY will not know of the expenses to offset it to a loss, plus the loss may carry over! NY has a new form just for this situation, i forget the number but its the same as the federal passive loss limitation calculation Quote
jainen Posted February 16, 2008 Report Posted February 16, 2008 >>Rentals net a loss on 1040. Is a NY NR tax return required?<< Yes. The filing requirement looks at gross rental income (before deductions), same as fed and CA. Quote
BulldogTom Posted February 16, 2008 Author Report Posted February 16, 2008 >>Rentals net a loss on 1040. Is a NY NR tax return required?<< Yes. The filing requirement looks at gross rental income (before deductions), same as fed and CA. Thanks, that was my assumption, but I wanted to make sure. Time to look for instructions on NY state tax returns. I know how I am spending my time today in between clients. Tom Lodi, CA Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.