Passive loss carryforward for non-resident state level (GA) return

Forum|Forum|2 years ago
March 1, 2024
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Hello TurboTax Community,

Does anybody have experience in how to record passive loss carryforward from the previous year in GA as a non-resident?

I had a GA-related loss of -$2334 from my GA K1 real estate investments last year. This year, it produce another loss of -$17,237.

I placed the current year loss (-$17,237) under Rents, Royalties and K1 Income:

But I can't seem to figure out where I can record the -$2,334 (-$436 + -$1,898) of K1 loss from last year. Kinda like how TT does it at the federal level where it automatically carries forward last year's loss and adds it to this year's loss so you can track it. The only place where I saw TT transferred my GA K1 loss from last year is on the activity worksheet below. However, I believe this is not submitted to the GA as it is an optional form. So I wonder how GA tracks it?

If there is no place to record passive carryover loss from last year, can I just put the total amount of last year's carryover and this year's loss on the Rental, Royalties, and K1 box below (-$2334 + -$17237 = -$19571)? This way, I can track the accumulated loss every year.

Appreciate any help you can provide.

Thanks!

jkm88Author

Hello TurboTax Community,

Appreciate any help/guidance you can provide on this topic.

Thanks!

mglauner

If you have nothing to report in Georgia except your Rental Loss, I personally wouldn't file a return.

I'd keep a spreadsheet record of Rental Losses until that time as I had Georgia income to report, or the Georgia Rental property was sold.

@jkm88

jkm88Author

Got this from one of the members of the facebook tax group. She emailed GA DOR.

Q: How does GA DOR want nonresidents to show the suspended PAL? Which form is equivalent to federal 8582?

A: Georgia has no specific passive activity loss rules. Therefore, whatever is recognized federally would be recognized for Georgia purposed based upon Georgia’s starting with the federal AGI. There is no Georgia equivalent form to the federal form 8582. You may create a separate individually-designed schedule to show the accumulation of passive activity losses and attach it to the Georgia return. The Department of Revenue anticipates revising future tax forms (tax years 2023 and forward) and schedules within such forms to specify how passive activity losses may be shown to property calculate Georgia taxable income. Such revisions are anticipated to be announced later this year.