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Investors & landlords
The answer depends on your circumstances.
Note that if you have a loss from the rental property but expect that you may have a profit in the future, that you may want to file the Illinois return - even though you are not required to - in order to show the carryover loss for a future year.
The state's department of taxation says the following for non-residents like yourself:
"a nonresident, you must file Form IL-1040 and Schedule NR if
-
- you earned enough taxable income from Illinois sources to have a tax liability (i.e., your Illinois base income from Schedule NR, Step 5, Line 46, is greater than your Illinois exemption allowance on Schedule NR, Step 5, Line 50), or
- you want a refund of any Illinois Income Tax withheld in error. You must attach a letter of explanation from your employer.
NOTE: If you are a nonresident and your only income in Illinois is from one or more partnerships, S corporations, or trusts that withheld enough Illinois Income Tax to pay your liability, you are not required to file a Form IL-1040." See Illinois Revenue website.
Note that if you have a loss from the rental property but expect that you may have a profit in the future, that you may want to file the Illinois return - even though you are not required to - in order to show the carryover loss for a future year.
May 31, 2019
11:11 PM