Non Resident New York Rental Property Loss

[chris2222]

I live in California but own a rental property in New York. The rental property in NY shows a net loss for the year. Do I have to file NY state taxes with a net loss? Would it be beneficial to show that loss to the state?

[MarilynG1]

Yes, it could be beneficial to file a New York State return to report your loss on Rental Property you own there.

In a future year, you may have taxable income on your rental, and you can carryover your losses from year to year.

Also, you can report the loss against any Capital Gains when you sell the property.

You will still need to include your rental activities (income or loss) on your federal and resident state tax returns.

Here's more info on How to File a Non-Resident State Return, although you could just mail in a paper return from forms off the NY website.