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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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A California partnership owns one building in Brooklyn, NY.

Customer Question

A California partnership owns one building in Brooklyn, NY. It owns many other buildings, mostly in California.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: The NY building has a loss in 2015. I am not sure what 2016 will be. They expect to sell it in 2017 with a gain.
JA: Is there anything else the Accountant should be aware of?
Customer: the partners are three individuals who are California residents. Normally, we would try to file a coomposite return so that the partners would not have to file individually in NY. I don't even know if NY has a composite return. But if it does and we file a composite return, will we be able to carry the nol forward?
Submitted: 1 year ago.
Category: Tax
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a few moments I am preparing your response.

Customer: replied 1 year ago.
does the partnership need to file a NY return? I guess that it does.
Customer: replied 1 year ago.
The email says that thereis a payment issue and to check myaccount. But myaccount says that I have paid the $38. Is the delay because you are working on the issue or because of a payment problem?
Customer: replied 1 year ago.
my paypal account says that the payment has gone through.
Expert:  Mark Taylor replied 1 year ago.

I apologize I was tied up on a phone call. NY has a group return. IT-203-GR-I. To qualify for this you need to have 11 or more members. You also need approval from NY to be able to file as a group.

Expert:  Mark Taylor replied 1 year ago.

If you have less than 11 members you would need to file a New York Partnership return for the New York Source income.