Hello -
I am a Virginia resident and purchased a rental property in Illinois in 2022. I have rental losses from my Schedule E, but because my income exceeds $150K, I cannot claim those losses, so on my Federal return it's 0.
In Illinois, this is my only source of nonresident income (or loss). TurboTax asks me to allocate my Federal income to Illinois, but for Rents and Royalties, TurboTax pulled in $0 (because my income exceeded $150K). Do I put zero for my Rents and Royalties, or do I enter my actual loss from Schedule E? Also, whether I entered 0 or the loss, I am not asked again about my property. Does the Schedule E details just get carried over the state return?
Thank you.
