@clk3
@clk3 wrote:
would that ordinary income recapture also flow through as AGI at the State tax level even if the partnership does not operate in that state (in my case, NY)? Or, does it generically flow through the same way any other investment income would (eg dividends)?
I'm not sure I understand the difference between those two. In general, whatever you report at the Fed level is the starting point for your state return. At that point, the state may have its own adjustments (e.g. the handling of bonus depreciation, that can change both the passive losses recognized in the state as well as the Ordinary Income). In addition, if you have to report some of your partnership income in other, non-resident states you may also be able to get that credited on your resident return. Hope that helps.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
