IT-182

[linchen]

I am a NJ resident having NY investment properties with losses. Can you show me steps I need to take to delete these investments from form IT-182? Thank you.

[MaryK4]

You would only want to remove the IT-182 if you completely disposed of the properties.  You must report the passive activity losses each year so that when you do dispose of the interests, you will be able to claim the losses on the gains and pay less in income taxes.