2237650
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Resident in CA with rentals operating at a loss in NE and profit in CO, what to claim on state non-resident forms

I am a resident in CA with rentals in NE and CO and am stuck on what to enter in state returns for "portion of rental income" earned in CO. Is this the actual rent received, or rents less expenses? Similar question for NE, where property is operating at a loss. Do I need to declare rent as income? Want to make sure I am not double declaring for for federal and state. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
DMarkM1
Expert Alumni

Resident in CA with rentals operating at a loss in NE and profit in CO, what to claim on state non-resident forms

All income and expenses are entered and reported on the federal return. 

 

All income from all sources are transferred from your federal return to your CA return as that is your resident state.

 

You will use "Net" income (rents received minus expenses) for the property's respective state (NE and CO).   

 

On your CA return you will claim a credit for taxes paid on income being taxed by another state; in your case CO.  

 

  

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question