Georgia Form 700 K-1 -No income or loss for non Resident - Final k-1

Forum|Forum|3 years ago
March 17, 2023
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I participated in a real estate LLC that owned property in the state of GA. The property was sold in 2021 and partnership ended in 2022. I am a NON resident of Georgia and a resident of Virginia. The accountant sent the k-1 info for the federal and state of Virginia as well as the following for Georgia. The prior year, 2021, I did file k-1 with state of Georgia as there was income and I paid some taxes. My question is, do I need to file with the state of Georgia this year, the following form which is blank. Essentially, it indicates that this I am non-resident, this is final k-1 and my part of the partnership was 7.25%.

JamesG1

Probably not. You are not reporting a gain on dissolution of the partnership? You are not reporting a loss on dissolution of the partnership?

Georgia nonresidents must file if they:

Are required to file a Federal income tax return, and
Work in Georgia or have Georgia-source income.

See The TaxBook page GA-2

@jtax1

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jtax1Author

Employee

@JamesG1 Thank you for your reply. That is correct, for 2022, there was no income or loss. My understanding is as you say, I do not need to report a blank form with the state of Georgia.
(there was income in 2021 and I paid GA tax that year. )

HopeS

If you choose to you can file a nonresident return and indicate "FINAL" K-1" on your Georgia return. You should be able to print and mail rather than pay for the efiling fee.

See link below on where to mail:

Mailing address

@jtax1

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