NY IT-203 schedule IT-182

[linchen]

I am a NJ resident and have investment properties in NY and NJ. All of the investment properties have net losses and they appear on the NY-182 form. How do I delete / remove the NJ investment properties from this form? Thank you.

[DaveF1006]

Yes, there is how to handle the allocation screen in NJ tax return. 

1. Go to the State Taxes tab: Open your New York state return. 
2. Locate "Income Allocation": Proceed through the interview until you reach a screen titled "Identify Your New York Source Income" or "Income Allocation."
3. Find the Business/Rental Section: Look for the section related to Rent, Royalties, and Pass-Through Entities (this corresponds to your federal Schedule E).
4. Edit the Allocation:  TurboTax will list your properties.
5. For the New Jersey properties, you should see a column for "Total Amount" and a column for "New York Amount."
6. Manually change the New York Amount for the NJ properties to $0.

Verify Form IT-182: Once you zero out the NJ-specific amounts, the software should automatically recalculate Form IT-182 to reflect only the New York-sourced losses.