Confused about K1 filing with states where investments reside

[Russell Roberts]

In 2018, I started some LP investing in syndications.   I was thinking that the tax filing with this would be easier than direct real estate ownership because I would simply get a K1 from GP sponsor to input into my federal income taxes.    

My questions:

1) Some of the K1s I've received also contain state level K1 equivalent (and some do not).   I have at least 10 different states represented.  Am I responsible to file state level returns now?   Is this complex enough that I need to start using a tax advisor?

2)  A couple of the K1s I should have received by March 15 are still not received.   I may have to file a federal tax return filing extension in order to wait for receipt.  Is this unusual? 

thanks.

[Eamonn McElroy]

@Russell Roberts

You may have filing obligations in those states.  It's not possible to tell without knowing what states they are and what the state K-1s look like.  A tax pro could help you out here.

"2) A couple of the K1s I should have received by March 15 are still not received. I may have to file a federal tax return filing extension in order to wait for receipt. Is this unusual?"

No.  If you don't have all of the source docs you need to file a complete and accurate return by April 15th, it's advisable to file any applicable extensions and pay all estimated taxes by the applicable due dates.  The syndicates you're waiting on have most likely filed extensions and will get the K-1s to you as soon as they are finalized.  Welcome to the world of syndicate investing; extensions are commonplace.