workhard2022
Level 4
Sunday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Case: I have a new client who is a Virginia resident. For tax year 2024, all of his and his wife's income—W-2 wages, interest, capital gains, and K-1 income—is from Virginia. However, he purchased and began renting out a property in Maryland in 2024.
Questions:
How should the Maryland rental income be reported for state tax purposes?
Should he file a Maryland non-resident income tax return (Form 505)? Are there any specific issues or common pitfalls I should watch out for when preparing Form 505? Is there a way to double-check the form to ensure it’s completed accurately?
Can he claim a credit for taxes paid to Maryland on his Virginia resident return (Form 760)?
Thank you very much!
Best Answer Click here
Labels