@AmyC wrote:
2. As a MI resident, all income is subject to tax. MI will give you a credit for tax paid on the same income to NY. Enter the NY return first. Then enter MI and the rental income at 100% taxable to MI. You are not double taxed.
Hey again. I just attached what TurboTax provides in the in-app help for the MI-4797 form and highlighted what appears relevant to my situation. The last paragraph is why I changed those gains to 0 for Michigan and why I didn't feel like it should be taxable at all to MI regardless of a credit I may or may not receive for NY. And since my NY taxable income is $0 after deducting the reclaimed passive loss there is no tax owed to NY to credit back to MI.
Sale of non-Michigan rental real estate: If the gain from sale of rental
real estate from outside Michigan is included in line 21 or 23, it is not
subject to Michigan tax. Modify the gain calculated to reflect the gain
taxable to Michigan.
Does this conflict with what you're saying vs. how my MI-4797 was filled out with all the 0's above?
Thank you! I'm getting so confused here and I really, REALLY want to figure this out on my own. 🙂
