Pa/philadelphia Rental Property

[DEO]

Previous preparer completely ignore NY and City of Philadelphia
rental properties for NY client for the past three years. After
reviewing the past tax returns, I will have to amend the returns.
I am not exactly sure what tax returns are needed for City of
Philadelphia.
Do I have to do a Business priviledge tax return? Are there any other
filing requirements.
Thanks for any assistance with regard to the Philadelphia/PA Rental
property.

Deo

[John of PA]

Yes BPT and NPT returns are required

Yes rental properties in the City of Phila. are required to file a BPT and NPT return. If the retnal shows a loss, the NPT (net profits tax) liability will be zero. Also the City is very good at finding you if you don't file one (from Real Estate Tax records). You may find that your tax software does these forms. Hope this helps.