In my state tax return section, it asks to input the nonresident income for North Carolina. However, I have several rental properties, one of which is in North Carolina, and the sum income (loss) comes out to negative. If my property in North Carolina is profitable, should I put the profit/loss of that specific income for the NC home, or should I follow the Federal Income lump sum that TurboTax provides as reference? In that case, would North Carolina Income be equal to $0?
You'll need to sign in or create an account to connect with an expert.
Yes, you are reporting only the net profit or loss for property that is located and situated in North Carolina (NV). The NC income begins with the federal adjusted gross income so if you had a profit on the NC property you should enter that as a positive amount in the NC box. If it was a net loss on that property then you should enter a negative figure (-300) as example.
The figure on the federal return is the net result of all profits and losses combined, for this reason you enter the actual amount for just that property as a nonresident in NC.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
tina484705
New Member
dmtcuz14
New Member
abarmot
Level 1
acb7b540bec1
New Member
med87-aol-com
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.