schirallicpa Posted January 28, 2010 Report Share Posted January 28, 2010 My client is a full year NY resident, having moved from Col to NY in 2008. She is renting her former residence in Colardo, and is taking a loss on it. This would be her only Col source of income. I have attempted the NP form, and am coming up with a taxable amount (because it loads everything from the Fed return.) I'm not familiar with Col. Do they want non-res to file just to report a rental loss? Can we skip this one? If not - hmmmmm - how do I get the form to only look at Colorado income? Some state returns let you find a worksheet where you allocate Federal income as resident income or non-res income. Am I not finding such worksheet? Thanks in advance for any help. Quote Link to comment Share on other sites More sharing options...
imjulier Posted January 28, 2010 Report Share Posted January 28, 2010 I don't know what the NP form is but the actual form to use is the 104 PN. This form is pretty self explanatory because it has a column for federal which will populate from the federal return and a column where you manually input the Colorado income. This then feeds into the CO 104. Both forms need to be open in the return. Like I said, I don't know what you are looking at because this seems pretty obvious if you have the right form. Try looking at the CO DOR website at http://www.colorado.gov/cs/Satellite/Revenue/REVX/1177017551287 . It says you have to file if you have CO source income....not a CO source loss. I'd be tempted to not even file based off this verbiage but you should decide. Hope this helps. Julie Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted January 28, 2010 Report Share Posted January 28, 2010 Not filing, even though a loss, can cause headaches down the road. I had a client once who did his own Federal and had a rental in NC (he was located in FL). For years he didn't file the state figuring it was a loss anyway. He became my client when he sold the property and SC wanted to know about the years that were not filed and I had to reconstruct everything. taxbilly Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted January 29, 2010 Report Share Posted January 29, 2010 And many times the filing requirement is based on gross income, not net. If you have the information, why ask for extra headaches down the road? Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted January 29, 2010 Author Report Share Posted January 29, 2010 I don't know what the NP form is but the actual form to use is the 104 PN. Oops - NP, PN.....Ok fresh eyes this morning may help. I see now how this works. Thank you! And thanks for everyone else for their input. I agree - I'd rather do the return based on the fact that there is gross income from a state, and then at least have some record of the activity. Good day! Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted January 29, 2010 Author Report Share Posted January 29, 2010 the big AH-HA! I had a link problem. No wonder it didn't seem to be working right........... Quote Link to comment Share on other sites More sharing options...
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