Does anyone know how/where to report actual NY sourced income that is not subject to apportionment?
My LLC client has received rental income in CA and NY. The LLC keeps books and records that reflect income earned in NY (Yes on Line 118). Accordingly, the formula basis allocation does not apply. ProSeries automatically reports 100% of the rental income to NY on each member's Schedule K-1. I spent the whole morning on the phone to tech. support and was told that the program is doing what it's supposed to do. Hope someone can give me a better answer. Thank you.
This discussion has been locked. No new contributions can be made. You may start a new discussion here