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    #1

    Louisiana preparers

    I am preparing a multi-state for a client. Nonresident state is LA, no LA source income. There is the sale of a rental, which shows a loss and no income for the rental for the months preceeding the sale.

    My questions are: Is there is a filing requirement under these circumstances (no LA income) and what line, if any, will this sale loss be shown on in the the LA IT-540B?

    The State section of TTB states that without the source income, no filing requirement. What about showing the sale of the rental?

    If you need additional info, please let me know and I'll provide it.

    Thank you,

    Dennis
    Last edited by DTS; 05-05-2007, 10:27 PM. Reason: additional info
    Tags: None
    #2
    Dennis..............

    .... If I read you right> There was a sale of rental property in LA? If so, the sale should be shown on LA tax return even if there was a loss. The issue here is the gross sale price is given to LA and cost basis is only known by the sellers. LA would have not idea if it was a profit or loss.

    It is the same as selling Stocks > government doesn't know cost basis.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      Louisiana tax return

      The sale of the rental property is not reported to Louisiana. La works off of the Federal AGI.
      The sale of the property was a loss on the Federal return therefore no income is reportable to the state of Louisiana.AYEE

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        #4
        Bob and Redneck

        Thanks to both of you. Sorry I'm so late coming back in! I figured that after I posted, but needed to make sure.

        Thanks, again.

        Dennis

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          #5
          Red Neck....

          .... are you sure that you are talking about a non-resident, not a resident that is already filing a LA return.
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

          Comment

            #6
            As sure as anyone

            can be with taxes and the state of Louisiana. There is no Sch D capital gains for the state of LA. The state works off of the AGI of the Federal. A non-resident would only report any income made in the state that was reported on the Federal.
            The capital gain was loss therefore no income reportable to the state of Louisiana.

            Comment

              #7
              OK .................................................. ...

              NY likes to see every asset sale reported to NYS. They get a 1099 showing the sale. It may take a year or two but they mail to the seller a request for a tax return if they don't have one on file by a non-res.
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

              Comment

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