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Tax, SDIRAs & Cost Segregation

Tax on loss and gain

Olga Daisel
Posted

Folks,

I have rentals in 2 states which in total show negative. Now, the one in Illinois has a gain, but once again if I add loss from the others the total is negative.

Should I pay state tax on the one that shows positive even though the entire portfolio is at loss?

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Greg Scott
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Greg Scott
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  • SE Michigan
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Greg Scott
#4 Wholesaling Contributor
  • Rental Property Investor
  • SE Michigan
Replied

State income taxes are usually based on the gain or loss from each state, so you pay taxes on your gain in Illinois.

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