My client is a California resident with real estate holdings in New York and Oregon. The New York activity produces more income than the Oregon property produced in loss. On Oregon form OR-40-N, the federal column (F) looks fine, showing the net rental income. On the Oregon column (S), I expected line 17S to show the rental loss from the Oregon property, but instead it's just blank. Since this is their only Oregon activity, I expected them to be able to generate an NOL to use against future Oregon income.
I went back and made sure everything for the Oregon property was assigned to Oregon (it was). I tested the field by increasing the rents and, sure enough, line 17S populated with the (fake) income from the Oregon activity.
I looked in the Oregon instructions and didn't see anything that would indicate that the field should be zero if negative. Am I missing something? Is it being calculated correctly? Or do I need to do something differently to generate the loss and subsequent NOL?
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