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April 28, 2021
Question

Resident in CA with rentals operating at a loss in NE and profit in CO, what to claim on state non-resident forms

  • April 28, 2021
  • 1 reply
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I am a resident in CA with rentals in NE and CO and am stuck on what to enter in state returns for "portion of rental income" earned in CO. Is this the actual rent received, or rents less expenses? Similar question for NE, where property is operating at a loss. Do I need to declare rent as income? Want to make sure I am not double declaring for for federal and state. 

    1 reply

    DMarkM1
    April 28, 2021

    All income and expenses are entered and reported on the federal return. 

     

    All income from all sources are transferred from your federal return to your CA return as that is your resident state.

     

    You will use "Net" income (rents received minus expenses) for the property's respective state (NE and CO).   

     

    On your CA return you will claim a credit for taxes paid on income being taxed by another state; in your case CO.  

     

      

     

     

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