I live in PA, the LLC does most of its business in Texas and a few other states. The LLC files a federal K1. There is no K1 for PA as they do not do business here. Do I have to claim the distributions from the LLC as income in PA?
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@Dal4 wrote:
Do I have to claim the distributions from the LLC as income in PA?
As a PA resident, everything on your (federal) K-1 is reported on your PA return.
Distributions, however, have already been subject to taxation and are taxable only to the extent they exceed your basis in the LLC.
@Dal4 wrote:
Do I have to claim the distributions from the LLC as income in PA?
As a PA resident, everything on your (federal) K-1 is reported on your PA return.
Distributions, however, have already been subject to taxation and are taxable only to the extent they exceed your basis in the LLC.
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