Virginia Form 502A - LLC using TT business

[whitneyvan]

We have an LLC for rental properties, one is in NV and the other in VA.  According to TT we have to file 502A to subtract the money made in NV.  The problem is that rental properties aren't listed, and there is nothing even close. 

I can't find a work around for this.  I was even willing to pay VA for the NV and get it back when I file my personal taxes, but TT won't let me do this.  

I called VA and they told me they could only answer questions if they are faxed in.  I did this have haven't heard anything back.  I can't believe they are that outdated and want people to fax in questions.  

I really need help, I don't know if this is an issue with TT or user error.  Thank you for any help

[Irene2805 · Accepted solution]

Unless Virginia gives you advice to the contrary, this is how I suggest you fill out Form 502A:

Section A - Apportionment Method, mark the box on line 8 Multi-Factor Formula with Double-Weighted Sales Factor.

Section B - Apportionment Percentage

• Line 2a. Property Factor:  Column A Total -- Value of both properties; Column B - Value of Virginia property
• Line 2c. Sales Factor:  Enter the amount of Rent received, both Total and in Virginia.

[Virginia is not the most progressive state!  I can say this because I've lived here all my life and have a tax practice here.  :D]

[whitneyvan]

Thank you so much.

I called them today and they never got my fax.  The person I spoke with was helpful but didn't know what I should put for 2A.  She said if I could do a work around  and file that it would be okay.  They didn't seem too concerned with me filling out 502A.  At least she was willing to help me and not make me re-fax my question.

I ended up changing that I had income in 2 states and then overrode the income for VA with just the VA income.

If it comes back that I need the form I will do as you suggested, and I will save your advice to do my taxes next year.  

Thank you so much for your response.  I really appreciate you and your time.

Whitney

[Irene2805]

You're certainly welcome!  Your plan sounds like a good one -- It accomplishes the goal of reporting only the VA income!