IRSisComplicate
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Thanks for your prompt help!! I only have one K-1 so for NJ, a partnership loss is my loss. :(
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It seems unfair but I think, that's what it is; NJ would not allow partnership loss to reduce other taxable income of a partner but if there was a profit, it wo...
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Answer to the questions:NJ will use your federal K-1 amounts since you are a resident. Is there a loss on the federal K-1? Yes, there is a loss on the federal K...
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Thanks for your help.You mentioned, "you just reduce your NJ tax by the loss on the K-1." However, I tried TT, NJ State e-file, and one another e-file software....
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Thanks to all who has replied.Follow up question:Do I have any reporting requirement for the partnership or my share of the loss in NJ as a resident? I read els...
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- Posted Re: Out of state partnership on Business & farm. April 8, 2020 9:05 AM
- Cheered Re: Out of state partnership for Rick19744. April 8, 2020 9:03 AM
- Posted Re: Out of state partnership on Business & farm. April 7, 2020 9:15 AM
- Cheered Re: Out of state partnership for Rick19744. April 7, 2020 9:06 AM
- Cheered Re: Out of state partnership for Rick19744. April 6, 2020 7:31 AM
- Posted Re: Out of state partnership on Business & farm. April 3, 2020 12:25 PM
- Posted Re: Out of state partnership on Business & farm. April 2, 2020 9:50 AM
- Cheered Re: Out of state partnership for Rick19744. April 2, 2020 9:38 AM
- Posted Re: Out of state partnership on Business & farm. March 25, 2020 11:40 AM
- Cheered Re: Out of state partnership for DianeC958. March 25, 2020 11:32 AM
- Cheered Re: Out of state partnership for Rick19744. March 25, 2020 11:32 AM
- Posted Out of state partnership on Business & farm. March 23, 2020 9:28 AM