Question

Help:: K-1 Non resident NY

Forum|Forum|2 years ago
October 11, 2023
2 replies
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I live in texas and invest in real estate that issue me a New York Partner K-1 (IT-204P). This is a passive investment and limited partner or other LLC member. The partner sold the property and this is the final k-1 which show

- withdrawal and distribution of about 10k. Do i have to file new york IT-203 form since i read somewhere say passive income are not required? If i do need to file, is this (Capital gain, Other gain, Partnership or Schedule K-1 Income)

Employee

Employee

Non-residents of New York are subject to New York income tax on New York source income.

Here is New York's rule regarding partnerships:

If you are a partner in a partnership, New York source income also includes those items of income, gain, loss, and deduction included in your distributive share of partnership income that is derived from or connected with business carried on by the partnership in New York State.

https://www.tax.ny.gov/pubs_and_bulls/tg_bulletins/pit/ny_source_income_sole_proprietorship.htm#:~:text=If%20you%20are%20a%20nonresident,on%20in%20New%20York%20State.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.