In 2021 I invested in 2 apartment projects that are located in Georgia. By investing I am a Partner in LLC.
This is first time in my life I received K-1. I
I live in Colorado. I completed my federal and Colorado Tax Returns.
Bothe K-1's I received show a loss. I don't understand this but probably some depreciation or whatever they do but it is a loss. I research and it looks that even that I have a loss and I do not live in Georgia I still need to file Georgia non resident return. Is that correct ?
Here is what I am showing on 2 K-1 I received.
#1 K-1
federal (form 1065) :
Box 2 -39,500
Box 17 A -119
Box 19 A 981
Box 20 N 3,310
Form 700 :
Net Income (loss) from RRE activities -39,530
Additions to federal income 38,108
Substructions from federal income 6,924
#2 K-1
Federal form 1065:
Box 1 -672
Box 2 -70,028
Box 20 N 667
Form 700 :
Ordinary Income -672
Net Income from RRE activities -70,028
Additions to federal income 70,961
Subtractions from federal income 12,606
Looks like Turbo tax does not handle this well. I purchased additional state copy and tried different methods I saw online but it doesn't look right. None of the StepbyStep questions match what I see on the forms. Please help me which number I need to enter where on Georgia return.
Andy
