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New Member

I have an out of state rental property operating at a loss. How do I reflect this on State return?

I live in TX but have a rental in NY operating at a loss at around -$4000.

All of my rental income is in NY so would I enter $14764 even if I'm operating at a loss?

 

I have some S-corp distributions as well but that is all in TX and not part of NY, how do I separate the two on this line?

 

Would I need to fill out the Nonresident business allocation schedule? Not sure if rental is considered "business".

 

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Employee Tax Expert

I have an out of state rental property operating at a loss. How do I reflect this on State return?

Look at your actual Schedule E to see what the bottom line income/loss from your NY rental property is on that form.  The amount will be reported on line 21 under the column that matches your property address. That is the number that should be reported as your NY rental income/loss if your only NY income is due to the rental property.

 

Since you are using the CD/downloaded Premier version of TurboTax, you can click Forms in the upper right corner to view the Schedule E.

 

 

@david7i8

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