What are the advantages and disadvantages of filing in nonresident states with real estate K-1 losses? Is there a way to carry over state losses on a manual schedule?

Forum|Forum|6 years ago
December 7, 2019
2 replies
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Lacerte Tax

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Best answer by PhoebeRoberts

Every state's rules are different. California requires a return but permits the loss carryf Oklahoma only permits a state loss carry forward if you also have a federal loss carry forward. Pennsylvania doesn't permit any carry forwards. You just have to get the forms instructions (or sometimes the statutes) and read.

PhoebeRoberts

Answer

Intuit Community Champion

Every state's rules are different. California requires a return but permits the loss carryf Oklahoma only permits a state loss carry forward if you also have a federal loss carry forward. Pennsylvania doesn't permit any carry forwards. You just have to get the forms instructions (or sometimes the statutes) and read.

N

nlmoline-cpaAuthor

Level 2

Thank you, Phoebe.

B

bensnead

Level 2

it also depends on the resident state. If the resident state is a high tax state, and the loses pertain to a low tax, non-resident state, who cares? Why file if you do not have to. You don't care about carrying forward a loss, because when you ultimately pay tax to that state in a future year, you'll get a credit against the home state that is equal to what you pay, or pretty close to equal. Again, as long as the resident state is a higher tax rate, you have no worries.

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