BulldogTom Posted February 16, 2008 Report Share Posted February 16, 2008 I have a new client, full year CA resident but with Rental Activities in NY state. Rentals net a loss on 1040. Is a NY NR tax return required? Your help is appreciated. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 16, 2008 Report Share Posted February 16, 2008 IF YOU do business in NY you should do a return, after all a tenant may issue a 1099 showing rent paid and NY will not know of the expenses to offset it to a loss, plus the loss may carry over! NY has a new form just for this situation, i forget the number but its the same as the federal passive loss limitation calculation Quote Link to comment Share on other sites More sharing options...
jainen Posted February 16, 2008 Report Share Posted February 16, 2008 >>Rentals net a loss on 1040. Is a NY NR tax return required?<< Yes. The filing requirement looks at gross rental income (before deductions), same as fed and CA. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted February 16, 2008 Author Report Share Posted February 16, 2008 >>Rentals net a loss on 1040. Is a NY NR tax return required?<< Yes. The filing requirement looks at gross rental income (before deductions), same as fed and CA. Thanks, that was my assumption, but I wanted to make sure. Time to look for instructions on NY state tax returns. I know how I am spending my time today in between clients. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
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