Hi,
I'm trying to figure out my nonresident filings for the schedule K1 statements I received for rental real estate LLC partnerships. I live in CA but have income from investment rental properties for 2021 in Arizona, Montana, and Utah.
I have read several posts on here that are very helpful along with checking the "How do I file a nonresident state return?" link.
I was hoping to verify where to enter certain info since nonresident returns are all different as well as the separate schedule K1 forms for each state.
In some cases there are prior year losses but asking the different state DOR, it seems those losses are accumulated on my federal return and used to offset gains there. So, I am not able to use those going forward.
For Utah, the TC-65 for Utah for 2021 has a line 2 loss (UT net rental real estate gain/loss) and a line 10 gain (UT net section 1231 gain/loss). I think I enter the following:
TC-65,line 10 -> TC-40,line 9
TC-65,line 2 -> TC-40,line 11
Is this correct?
I had losses in Utah (TC-65,line 2) for other properties in other investment LLCs. Do I add those losses and enter them on TC-40, line 11?
Or am do I only use the loss for the specific LLC where the sale occurred?
I also had withholding in Utah for 2021 and some prior years. Do I add these up and enter the total on my 2021 TC-40?
Same question as before, do I add all withholding for the year for all investments, or only use the TC-65 form for the investment that had the sale?
I appreciate any help.
(probably post for Montana and Arizona as well, when I get to it)
Thanks
