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e_schreibeis_
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

 
6 Replies
RichardG
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

The answer to both questions is yes.  Depending on the amount of net rental income you earned, you should report that income as a nonresident of Montana.  Please follow this link for the filing threshold for Montana.  https://revenue.mt.gov/home/individuals#Frequently-Asked-Questions-745  You will also need to report the income on your Idaho tax return.

You should also report all rental income and expenses on your Federal income tax return under the Rental Properties and Royalties heading.  Complete your federal return first, and all the relevant information will transfer over to your state returns.  Please make sure and complete the Montana return before moving on to your Idaho return.
e_schreibeis_
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

So even though I will not receive, nor pay, any taxes for MT, it is still required I file just for documentation?
e_schreibeis_
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

So even though I will not receive, nor pay, any taxes for MT, it is still required I file just for documentation?
RichardG
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

Please refer to the Filing requirements question on the website listed on the original answer to determine whether you must file a Montana tax return.
mgilbertson0507
New Member

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

I just wanted to confirm that the Montana state tax for rental income is NET, correct?  So if my rents are $10,000 as reported on my 1099-MISC, but after expenses my fed form E equals $0, do I report the $10,000 of gross income or the $0 from Fed Sch E (after expenses / losses) to the state of Montana?  Thank you.

MaryM428
Level 10

If I am a full time resident in Idaho, but own a rental property in Montana, do I need to file a MT state tax form also, or does my mortgage and rental income go on Fed?

The amounts from Schedule E on the federal return will flow to the Montana return.  If Schedule E has a net of zero, then that is what will be carried to the Montana income tax return. 

 

@mgilbertson0507 

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