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Hello -
I Stay in WA state. I invested in private REIT. The REIT company through which I invested is in Maryland. That company does Investment in various state. For example Illinois.
The K1 I receive has two parts. (a) Maryland K1 - 510 and (b) Illinois K1. My questions are following.
1. Why I have two K1s. The investment is in Illinois only; Not in Maryland. Just the REIT company is in Maryland. Am I supposed to report this in two states?
2. Maryland has "Net Decoupling Modification" in positive amount. What does it mean? How to and where to use that? Is that an Income I have to pay taxes on?
3. For federal return, I am showing losses which will carry forward to next year and so on. I have to do similar for both state? Single state?
Thank you.
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I called Turbo Tax expert. They did not know anything about above question ("Net Decoupling Modification" from form 510). She tried transferring me to an "expert" and eventually got disconnected after a hold.
Called twice, both time the same pattern.
Any help here will be great.
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