Hello. I hope you are doing well. Thank you for taking the time to read my post and answering the question if you can. Here we go.
I am a partner to an LLC in Massachusetts that buys, sells, and lease properties. Though I live in California. I'm not a silent partner and do what I can from where I'm located. The LLC purchased a property in Rhode Island and has tenants. Which is the next city over from Massachusetts. I have completed the business tax using TurboTax Business (Form 1065) and issued out the Schedule K-1 (Form 1065) that were developed. Now I'm in the process of completing my personal taxes. Here are the questions I have.
- As you can see, money is flowing through 3 states. It starts in Rhode Island getting the rent from tenants. Then the money goes through the LLC in Massachusetts. Lastly it goes to the partners and I'm in California. I've read in this community that doing certain states first in TurboTax can trigger credits and so forth. If that is true, after doing the federal portion of my personal taxes in TurboTax, which state should I do first, second, and last? Once again, the money is received in Rhode Island first, goes to the LLC in Massachusetts second, and lastly come to me in California.
Thank you for your time and help.
