I believe this is correct, just want to make sure.
LLC owns 3 properties in 3 states. 2 states had positive income, 1 state had negative income, bringing the total income for the LLC negative.
State of GA wants $5000 tax on the rental income in their state.
State of NC wants $8000 tax on the rental income in their state.
State of MI is negative.
My overall income on 1040 is also negative, so I get no state tax credit from the state I live in for the amounts paid to other states.
So I basically have to pay $13,000 state income tax when I made zero income for the year.
I believe this is correct, right? It's just so wrong.
