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- passive loss on a k-1
passive loss on a k-1
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ira
Level 2
06-25-2023
05:46 PM
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Taxpayer is in a real estate partnership. He is in NY. The property in VA.
The federal k-1 shows a 1k loss
The NY k-1 shows 100% allocation of the loss to NY.
The VA k-1 shows the 1k loss as well.
Should i be filing a VA k-1 to reflect the passive loss; not even sure how VA handles passive losses.
ty!
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Accountant-Man
Level 13
06-27-2023
02:39 PM
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Maybe. It helps for the future when the property is sold, in case VA allows carryover of passive losses.
VA uses Form 763 for individuals. I assume the partnership preparer filed the VA K-1, along with the VA 502. Partners don't file K-1s.
<<The NY k-1 shows 100% allocation of the loss to NY.>> NY residents own 100% of their interests and report 100% of their loss.
<<The VA k-1 shows the 1k loss as well.>> Property is in VA 100%, according to you.
If there is a gain on the sale in the future, 100% gets taxed in VA, then NY resident partner reports 100% of the gain and gets a VA tax credit.
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