Solved
Is it necessary to file an amended return?
Client, a California resident has rental property in North Carolina.
Owned the property for 3 years and shows a loss every year.
Income from employment is over $250k so his deductible Sched E loss is 0 and his line 21 income (loss) is roughly a ($2k) loss, which does not impact tax.
2 questions:
1) Is it necessary to file a non resident N. Carolina return when his related income (rental) is a loss?
2) Client has discovered expenses from 2 years ago related to the rental that were not reported. Is an amended return necessary even though there will be no impact on that years taxes? Or is a carry forward adjustment without amending a return acceptable?
Thanks in advance.
