My client brought in a completed form IT-204-IP NY Partners Sch K-1. Do I need to file a NY non resident return for this taxpayer? I assume I will need to complete a Partner K-1 within his Federal return. What do I do with this NY form if anything?
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If there is a profit, you need to file IT-203. If there is a loss, you may still want to file the IT-203 in order to maintain and elect the NOL carryforward for NYS.Originally posted by AZ-Tax View PostThis 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. -
AZ, it looks like our clients may have bought the same investment
He also brought in an NY K-1 along with a WV K-1. He said that he signed a release for the partnership to file a "group non resident return" and that he didn't want to file for the two non res states. I told him similar to what Bob W said about retaining the NOL, but they were minimal and he didn't want the added expense. Since they were both losses we left them alone.Originally posted by AZ-Tax View Post
If you don't mind me asking, does the partnership have Atlas in the name?Comment
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JoshinNC.....yes its Atlas
Is this Atlas a scam?Comment
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No, not a scam
There are an oil and gas drilling partnership. Advisors sell them to their clients as ways to write off huge amounts on their taxes (as your client is saying) but the advisors aren't always up to snuff on the deductibility of the losses. I'm hoping someone else will chime in with a response on this one as both our clients were told the same thing but neither one of us can reconcile that with our knowledge of the applicable rules. Maybe Bees or one of the other "gurus" can help us on this.Comment
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