Hi, I am a resident in California. I invested in multiple real state properties through an online crowdfunding platform. Some of these real state properties I invested in have sent me multiple states K-1s when the property is actually in another state. For example, Property A is in Pennsylvania but I got Georgia, Indiana, Missouri and New Jersey's K-1s instead. What am I going to do with all these states K-1s? Should I ignore them or file them one at a time? I would say I have at least 15 states to deal with. Currently, I am using Turbotax Premier and feel overwhelmed with all these states K-1s.. Any help would greatly appreciated.
Thank you very much,
Naomi
Hi @Naomiychan,
The most important thing will be verifying the filing requirements for each state. You may or may not have to file a tax return. It will all depend on each state. These are some basic considerations when it comes to multiple state filing: Multiple States—Where To File.
I definitely don't recommend to ignore it because if you got a K-1 that means that the state got a K-1.
You may even have to consider tax reciprocity. Here's more information about that: Which states have reciprocal agreements?
If it gets too complicated for you, remember that you can contact a live expert while you are preparing your taxes for guidance. Also you can use the "do my taxes for me" and an expert will take care of it for you.
Hi @Naomiychan,
The most important thing will be verifying the filing requirements for each state. You may or may not have to file a tax return. It will all depend on each state. These are some basic considerations when it comes to multiple state filing: Multiple States—Where To File.
I definitely don't recommend to ignore it because if you got a K-1 that means that the state got a K-1.
You may even have to consider tax reciprocity. Here's more information about that: Which states have reciprocal agreements?
If it gets too complicated for you, remember that you can contact a live expert while you are preparing your taxes for guidance. Also you can use the "do my taxes for me" and an expert will take care of it for you.