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andrzejsv
Returning Member

Georgia K-1 700

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 

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