Ohio State tax, review asked to check entry on Form IT Bus, options are No entry or include this busi check. I don't know what to answer. Can someone explain? thanks

This question is asking of you want to include the business income for the Ohio state tax return.This would be for Schedule Cs or other self-employment from your federal form.

Would you fill this out if you had a net loss from rental income? 

 

It is unclear exactly how the K1 information translates here as rental income is generally treated differently than general business income.

It depends. Generally, you would include Schedule C income or other self-employment. Ohio has unique criteria for determining what qualifies as business income for the purpose of Form IT.

 

See this Ohio FAQ webpage for more information. Excerpt below:

 

“Nonbusiness Income” means income that is not business income. This generally includes:

• Compensation and guaranteed payments;
• Rents and royalties; AND
• Interest, dividends and capital gains.

This suggests that rentals aren't included, but see the Ohio Department of Taxation website for more details.