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sidekickin
Level 3

Out Of State Investment - Paper Tax Return?

I have an out of state investment that I will receive a 1099-MISC on for rents paid on farm equipment that I own.  This is a passive investment and not a business in any way, shape, or form.  I am an Ohio resident, and the equipment is located in Oklahoma.  I obviously will have to file a federal return, an Oklahoma return, and an Ohio return.  I will also have to depreciate the property.  Can all of this be done online and e-filed to federal, Oklahoma, and Ohio?  Or will I be forced to file paper returns for all three?

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Accepted Solutions
SundayInSalem
Level 8

Out Of State Investment - Paper Tax Return?

You can do it all online. TurboTax Online lets you prepare and file (electronically or on paper) up to five state returns per federal tax return.

 

Prepare your returns in this order:

  1. Federal
  2. Nonresident State (Oklahoma)
  3. Resident State (Ohio)

 

Ohio will give you credit for any tax paid to Oklahoma on your income from renting farm equipment. TurboTax will automatically calculate the other state tax credit if the nonresident state is prepared first.

Income earned anywhere is taxable to your resident state, so both Ohio and Oklahoma will tax your rental income (or allow you to claim a loss).

 

How many state returns can I prepare in TurboTax Online?

How do I file a nonresident state return?

View solution in original post

1 Reply
SundayInSalem
Level 8

Out Of State Investment - Paper Tax Return?

You can do it all online. TurboTax Online lets you prepare and file (electronically or on paper) up to five state returns per federal tax return.

 

Prepare your returns in this order:

  1. Federal
  2. Nonresident State (Oklahoma)
  3. Resident State (Ohio)

 

Ohio will give you credit for any tax paid to Oklahoma on your income from renting farm equipment. TurboTax will automatically calculate the other state tax credit if the nonresident state is prepared first.

Income earned anywhere is taxable to your resident state, so both Ohio and Oklahoma will tax your rental income (or allow you to claim a loss).

 

How many state returns can I prepare in TurboTax Online?

How do I file a nonresident state return?

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