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I am a non-resident, but have interest in an Oklahoma LLC this year. It has a passive loss. Do I have to file a return in OK this year if I have no other passive income or other income in OK, or do I wait until I have a net passive gain?
If I need to file, how do I handle it? Let's say for example it was a $10,000 OK passive loss, but on my federal return I can only write off $1000 on Form 8582 because I only have a total of $5000 in passive income. The $5000 income is from non-OK partnerships. The remaining allowable $4000 loss is distributed to non-OK partnerships on Form 8582. What would my OK return reflect for that example?
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Although you are not required to file an OK return for the OK income it is advisable to do so to preserve the loss with OK for the time when you either have positive income or sell your position in the LLC.
Although you are not required to file an OK return for the OK income it is advisable to do so to preserve the loss with OK for the time when you either have positive income or sell your position in the LLC.
Thanks for the reply, but I found out that I don't have to file an OK return because it is an electing PTE in OK.
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