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
You'll need to sign in or create an account to connect with an expert.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rghenry2112
New Member
sdtnyr94
New Member
sdtnyr94
New Member
begie36
New Member
dmorris1009
New Member
©1997-2024 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.