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taxtime222
April 7, 2022
Question

multi-state rental properties and state filing requirements

  • April 7, 2022
  • 1 reply
  • 0 views

Hello, 

I purchased rental properties in Texas and Illinois in '21, but I live in New York. 

The IL property shows a net gain while the TX property shows a slightly larger loss - so I'm having TurboTax treat them as an aggregate/related businesses as I believe that prevents having to pay taxes for the IL property gain. 

My question is whether I still need to file an IL tax return and pay taxes to the state based on the gain for that particular property?  And a related question would be whether I can ignore filing a TX return given the losses.

 

Thanks in advance!

    1 reply

    Carl11_2
    Carl11_2
    Employee
    April 7, 2022

    Yes, you need to file an IL return.

    Texas does not tax personal income. So there is no need to file a state return for Texas.

     

    T
    taxtime222Author
    April 7, 2022

    Thank you

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