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eileenfinke
Returning Member

k1's

The negative number on my k1's offset my rental income from schedule E to be 0.  I live in Florida but my rentals are in NY.  Do i need to submit an Non resident NY state form for the rentals even though the bottom line is 0.

Thanks,

Eileen Finke

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1 Reply
AmyC
Employee Tax Expert

k1's

Probably yes. NY nonresident income filing requirement is based on a more complicated scenario than just looking at your NY income. NY looks at total federal income to determine if you should file along with net operating loss and other factors.

 

  • NY Filing requirement states: New York adjusted gross income (Federal amount column) is more than your New York State standard deduction.
  • Chances are high that your total income is greater than the NY standard deduction ($3,100-$16,050) and you are required to file.
  • NY requires filing if "You incurred a net operating loss (NOL) for New York State personal income tax purposes for the tax year, without incurring a similar NOL for federal income tax purposes. For more information, see New York State net operating loss."
  • You also want to file to protect your potential net operating loss or suspended passive losses to carryforward.
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