Ohio IT 4708 - A NY resident owns rental property in Ohio. I understand I have to file IT 4708 and pay tax but it seems I can then file IT 1040 and take credit?

[JOEPCPA]

He owns the property through his S Corp. Is that correct and isn't that just a waste of time? I pay the tax with 4708 but then get refund on IT 1040? 

[TAXOH · Accepted solution]

If it's an individual taxpayer I don't believe you would file form 4780 and would just file IT 1040 for a non resident.   

[JOEPCPA]

Thanks, sorry I did forget to mention he owns the property through his S Corp so the 4708 is necessary.

[TAXOH]

Oh, okay.  Then I think that is correct and yes it is a waste of time.

[JOEPCPA]

Thanks much!!

[TAXOH]

You're welcome.