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Out-of-state Rental Property. How to file state taxes?

I have two questions: 1. I live in PA, but bought a duplex rental in NY. I have reviewed the PA and NY state tax instructions, but am still confused. I showed a loss on the rental property for my federal return. For NY, I need to complete a IT-203 form, or do I? All I show for NY is the income on the rent, but since I had a loss, do I show that? For PA, do I include the rental on the PA form including all the other costs (taxes, repairs,etc) on the PA form? 2. I lived in PA for the entire year of 2008. My wife was a part-time resident and didn't move to PA until August 2008. Do we file separate returns? Thanks Bob

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Answers

These are fun!  You will file the  IT-203 to show the loss.  If your wife was a part year NY resident, her info will need to be reported also.  You will include the rental on your PA return, but PA doesn't recognize losses for tax purposes.  You will file jointly, and if you owe any taxes to NY, you will fill out a Schedule G (I think) on the PA return to figure out if there is a credit for taxes paid to other states.  You might want to consider having a professional prepare this return to coordinate the states, particulary since your wife was a part year-resident.

 

Eva Norris, EA (NY state)

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