Calling all Colorado experts

[schirallicpa]

My client is a full year NY resident, having moved from Col to NY in 2008. She is renting her former residence in Colardo, and is taking a loss on it. This would be her only Col source of income. I have attempted the NP form, and am coming up with a taxable amount (because it loads everything from the Fed return.) I'm not familiar with Col. Do they want non-res to file just to report a rental loss? Can we skip this one? If not - hmmmmm - how do I get the form to only look at Colorado income? Some state returns let you find a worksheet where you allocate Federal income as resident income or non-res income. Am I not finding such worksheet?

Thanks in advance for any help.

[imjulier]

I don't know what the NP form is but the actual form to use is the 104 PN. This form is pretty self explanatory because it has a column for federal which will populate from the federal return and a column where you manually input the Colorado income. This then feeds into the CO 104. Both forms need to be open in the return. Like I said, I don't know what you are looking at because this seems pretty obvious if you have the right form. Try looking at the CO DOR website at http://www.colorado.gov/cs/Satellite/Revenue/REVX/1177017551287 . It says you have to file if you have CO source income....not a CO source loss. I'd be tempted to not even file based off this verbiage but you should decide.

Hope this helps.

Julie

[TAXBILLY]

Not filing, even though a loss, can cause headaches down the road. I had a client once who did his own Federal and had a rental in NC (he was located in FL). For years he didn't file the state figuring it was a loss anyway. He became my client when he sold the property and SC wanted to know about the years that were not filed and I had to reconstruct everything.

taxbilly

[Gail in Virginia]

And many times the filing requirement is based on gross income, not net. If you have the information, why ask for extra headaches down the road?

[schirallicpa]

I don't know what the NP form is but the actual form to use is the 104 PN.

Oops - NP, PN.....Ok fresh eyes this morning may help. I see now how this works. Thank you! And thanks for everyone else for their input.

I agree - I'd rather do the return based on the fact that there is gross income from a state, and then at least have some record of the activity.

Good day!

[schirallicpa]

the big AH-HA! I had a link problem. No wonder it didn't seem to be working right...........