Question

Maryland Loss Carrover

Forum|Forum|5 years ago
May 6, 2021
1 reply
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I am a MD non-resident with a real estate partnership loss allocable to MD, reported on an MD 510 (Schedule K-1).

I'm assuming I don't have to file to report this loss, but I might if MD allows for this loss to be carried forward.

The filing instructions do not say anything about NOL carryover. Does MD not allow it?

Thanks!

TurboTax Home & Biz Windows

T

ToddL99

MD allows NOL carry-forwards and carry-backs, but their NOL tax rules do not conform with federal tax law.

If you want to keep your future options open, you should file a 2020 MD non-resident return to report the MD loss. Failure to consistently report your MD share of this partnership's income and losses may result in MD disallowing any loss-carryforwards.

CARES Act Triggers Maryland’s Automatic Decoupling discusses NOL decoupling, as well as other tax provisions that are affected by decoupling.