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Old Yesterday, 07:27 PM
 
19 posts, read 15,409 times
Reputation: 10

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The forum has been very helpful in the past so hoping it continues


I am resident of state: CA. I have always filled the fed and CA state tax.



Last year - I joined couple of partnership(s) which involved passive investment in rental multi-family units.


So now I have (all reporting loss -ve income)

  • 2 - Schedule K1's (form 1065)
  • Schedule K-1 (Form 765) - KY state
  • 165 Schedule K-1(NR) - AZ state
I do not have +ve income to report in KY, AZ.


Do I need to file 1 fed and 3 states (CA, KY, AZ) (or) Do I need to file 1 fed and 1 state (CA) and ignore the schedule K-1's from other states since I do not +ve income.


Please advise. Thanks in advance.
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Old Today, 11:23 AM
 
19 posts, read 15,409 times
Reputation: 10
anyone who has insight and might have faced same situation?
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Old Today, 12:04 PM
 
1,098 posts, read 475,831 times
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Quote:
Originally Posted by deepu77 View Post
The forum has been very helpful in the past so hoping it continues


I am resident of state: CA. I have always filled the fed and CA state tax.



Last year - I joined couple of partnership(s) which involved passive investment in rental multi-family units.


So now I have (all reporting loss -ve income)

  • 2 - Schedule K1's (form 1065)
  • Schedule K-1 (Form 765) - KY state
  • 165 Schedule K-1(NR) - AZ state
I do not have +ve income to report in KY, AZ.


Do I need to file 1 fed and 3 states (CA, KY, AZ) (or) Do I need to file 1 fed and 1 state (CA) and ignore the schedule K-1's from other states since I do not +ve income.


Please advise. Thanks in advance.
Only reason to file in KY or AZ is to establish NOLs for those states in the event those investments start reporting income. Otherwise I'd ignore.
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Old Today, 01:44 PM
 
19 posts, read 15,409 times
Reputation: 10
Quote:
Originally Posted by SuiteLiving View Post
Only reason to file in KY or AZ is to establish NOLs for those states in the event those investments start reporting income. Otherwise I'd ignore.
Thank you
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