HI, Everyone,
I an a full-year nonresident of California but have a house there that's rented out.
I had ~$10k "profit" in Federal Return but in CA Nonresident return, it shows a "Federal Adjusted" "Profit or loss from rents, royalties, partnerships, etc." of $24k. For the "California Amount", should I enter the $24K (same as Federal Adjusted)?
This is the only rental property I have.
Thanks in advance.
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To clarify
Did you get any rental assistance which was non-taxable for the federal return?
Otherwise the net profit from the rental should be the same.
Thanks, @KrisD15
No, I did not get any federal rent assistance. Apparently, the depreciation amount for Federal and CA State is different, resulting in the difference.
@zwwzSo did you end up entering the adjusted amount of $24k as your California income or did you just put the federal number of $10k down? Thanks!
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