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April 24, 2020
Question

I live outside the state of Georgia but have rental properties in the state. After expenses, I did not make a profit in 2019. Do I need to file a Georgia return?

  • April 24, 2020
  • 2 replies
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2 replies

GiseleD
April 24, 2020

Yes, even if you did not have a profit after expenses, you still need to file a GA return. 

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April 24, 2020

I understand I have to file a return, but I am being asked to pay state taxes despite filing a loss. Does that sound accurate?

 

GiseleD
April 24, 2020

I cannot see your return or account here, as this is a public forum. However, this does not sound correct. You may want to very closely double-check your data entry. You may also want to look at your forms. Here's how to look at your current-year return forms:

  • In the left-hand menu bar, click on Tax Tools, then click Tools.
  • Under Other helpful links, click View Tax Summary.
  • Your Tax Summary will be displayed. In the left-hand menu bar, you will see a new option: Preview My 1040. Click it, and this will allow you to see the forms. It is important to check your 1040 before you check your state return, as much of your entries on the 1040 will impact the state return.
  • If you want to view your state entries, Click on Tax Home in the left-hand menu bar. In the center of your screen, scroll down until you see State Taxes. Click on it to review your state entries.
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March 30, 2023

Absolutely, for that alone it makes perfectly sense to file evey year to carry forward your your losses so at a time when you need to utilize that loss like down the road when you sell your house, you may use those losses against the capital gain you recognize at the year you report your sale. See HERE for more information on this subject.

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