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April 14, 2024
Question

where to report ordinary business income/loss reported on K-1 for CO on NR state return?

  • April 14, 2024
  • 1 reply
  • 0 views

I've got an ordinary business loss reported on a partnership K-1 for CO. There is a net passive loss for 2023 but my understanding is that I need to report it so it can be carried over to the future for use if/when there may be capital gains. Where do I enter the ordinary business loss in TT on the CO state return?

 

    1 reply

    April 14, 2024

    Per Expert @JamesG1:

     

    This Colorado Department of Revenue Taxation Division website states:

     

    "Nonresident Definition

     

    A nonresident is an individual who did not reside within the boundaries of Colorado at any time during the tax year. However, the person may have temporarily worked in Colorado and/or received income from a source in Colorado. A nonresident is required to file a Colorado income tax return if they:

     

    • are required to file a federal income tax return, and
    • had taxable Colorado-sourced income."

     

    By this definition you would not be required to file a Colorado return.  However, keep track of your losses to use in the future, as you suggested.

     

    Here's more discussion on State Return for K-1.