I want to confirm the best way to correct my New York TT return so it doesn't count LLC real estate passive carry-over losses that are not from a New York source. I am a Texas resident with many LLC rental properties in several states with federal K-1s and state K-1s where each property is located.
Have completed my Non-Resident New York return. When I go to FORMS, I see TT has created an IT 182 worksheet for all 25 of my LLC properties. In this worksheet, Part II line 5b, (amount of income/loss attributable for NY sources), TT has filled in the full federal amount for Part II line 6 (passive carry-over losses) for every LLC. Also federal amount is in lines 7,8, and 9. Could someone confirm I must go to FORMS to fix this? I would input $0 for all lines 5 to 8 in each worksheet that is not a NY property. And/or adjust the values for NY properties to reflect the state K-1 values for an LLC with multiple properties. For the latter how is lines 8 calculated? Thank you
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I found the answer! It can be done in TT step-by-step. On the "Changes to Federal Income" page under Business Related Adjustments, select, "Unallowed passive activity loss calculations. It will take you to a list of all K-1s from the federal return. Select each in turn. On the first page for each K-1, there is a check box to denote that K-1 doesn't apply to NY source income. You can see the changes to the IT-182 form for each K-1 in the TT Form view.
I found the answer! It can be done in TT step-by-step. On the "Changes to Federal Income" page under Business Related Adjustments, select, "Unallowed passive activity loss calculations. It will take you to a list of all K-1s from the federal return. Select each in turn. On the first page for each K-1, there is a check box to denote that K-1 doesn't apply to NY source income. You can see the changes to the IT-182 form for each K-1 in the TT Form view.
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