CPA reference for cross state REI

Member since 2019 · 4 posts · 1 vote

I'm looking for a rock star REI CPA in the Capital Region that is well versed in NY RE tax laws, Partnership/LLC tax laws, recent QBI changes and comfortable with multi-state filings.

My financial profile in 2018 shows income in CA from non-real estate related employment and losses from real estate rentals in NY. I'm looking for guidance on filing all properties as a combined business and deducting my losses from my income.

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Dave Borland
Investor · Albany, NY · Member since 2016 · 4 posts · 1 vote
7y
Me, too!
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
7y
@M. Malik

We exchanged some messages through the messaging system. I also saw your post here so I thought i'd respond.

It seems as if you are a resident of CA with income above $150,000 with rental losses in NY.

You will not show any tax liability in NY. NY is a state that allows you to carryforward state passive losses, so make sure that is completed.

CA allows you to utilize rental losses to decrease your income. However, they follow the fed in regards to losses being suspended if your income is above $150,000.

I also specialize in partnership/LLC taxes. Please feel free to ask me any questions you have regarding the topic.
[email protected]917-280-8544
Basit Siddiqi CPA4.979 Reviews
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