catax Posted February 29, 2008 Report Posted February 29, 2008 I have two different clients one with an out of state rental in GA one with one in CO. My client with the rental in GA was advised by a CPA that she should file a GA return as well as a CA one. That this would help her when she goes to sell the rental. I know that CA wants you to claim all income to CA. How would you handle this with your clients? Would you file returns in both states for the rental income (loss in both of these cases)? Any thoughts on this? Thanks, Nena Quote
BulldogTom Posted February 29, 2008 Report Posted February 29, 2008 That is what I did. Full year CA return with all income and losses and a NR for the other state showing just the loss. Tom Lodi, CA Quote
catax Posted February 29, 2008 Author Report Posted February 29, 2008 THANKS FOR YOUR THOUGHTS ON THIS. NENA Quote
jainen Posted February 29, 2008 Report Posted February 29, 2008 >>this would help her when she goes to sell the rental<< A tax return is a lot easier to deal with than a tax lien in another state. You would end up filing retroactively anyway. Also, if there are suspended passive losses you can use them in the year of sale. The biggest problem is to make sure Georgia and Colorado treat depreciation and other property issues in the same way as federal. Quote
Alpha Posted February 29, 2008 Report Posted February 29, 2008 I know you have to file the CO one. Yes we follow federal depreciation rules. Quote
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