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I reported a long term capital gain loss on my federal return from a K-1. My state return is asking me to fill out the equivalent field in my state (AZ) K-1. However, the K-1 I received is from CA. What do I do?
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Yes, even though your Schedule K-1 business is located in another state, the income reported to you is income in your home state. For this reason, you enter the information from Schedule K-1 for both your federal and resident state tax returns.
I sure wish someone knew the answer to this. This is the exact predicament I find myself in.
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