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WSO
Level 3

How to Winnow down K-1 Passive Carry Over Losses to only New York income source if Non Resident

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 youPassive NY Losses on IT-182 Worksheet.jpg

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Accepted Solutions
WSO
Level 3

How to Winnow down K-1 Passive Carry Over Losses to only New York income source if Non Resident

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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2 Replies

How to Winnow down K-1 Passive Carry Over Losses to only New York income source if Non Resident

I'll page Champ @Mike9241, but I'm not sure if he is familiar with NY.

WSO
Level 3

How to Winnow down K-1 Passive Carry Over Losses to only New York income source if Non Resident

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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