I am a California resident but am a limited partner in a multifamily property in South Carolina. Line 2 of my SC K-1 shows a $84 federal loss and (after adjustments) a $4479 loss allocated to SC. In addition, the partnership had $76 in interest income. This is my only SC income.
Questions:
1) Since I will have negative income in SC, do I need to file an SC1040?
2) Can I carry this loss forward to my 2024 SC return (assuming I have positive income then)? On my federal return, the loss will offset other income so will not carry forward.
3) How would I enter this in 2024? Do I just include the carryforward in the SC column of "Rents, royalties, partnerships, estates, trusts, etc"?
Thanks,
Steve