Most of the properties are in one state in which I'm not a resident. I get several different K1s for the properties in this state. Do I base the amount of passive gains or losses on the line in the state K1 that's titled, "Net income or loss from rental real estate activity"? Or from the line under Reconciliation of Partner’s Capital Account that's titled- State "net income for the year"?
Whichever line on the K1 I'm supposed to take the passive loss amount from, when I combine the amounts on these different K1s I've only had passive losses to carry forward each previous year. So this means, I could put the total amount of the carry forward that's accumulated over the last several years on the state's non-resident return? Where would I put it on the return?
Only one of the properties is located in the state where I reside. So far all of the passive losses, though, have been carried forward on my state return by turbotax. Would I need to deduct those passive losses that have accumulated from non-resident states this year on my state return? If so, how would I go about doing this? Or is there some other way I should handle this?
Thanks for all your help!
