Do I have to file a tax return for my California rental property?
April 19, 2004
Subject: Rental Property
Date: Tue, 23 Mar 2004
I live in Illinois and my mother died, leaving me some rental property in California. I made a profit of $4,000 last year. Do I have to file a tax return for California? How do I do it? Where do we get the forms?
Date: Fri, 2 Apr 2004
You are required to file Form 540NR. You can find the forms at www.ftb.ca.gov. When income is taxable in two states, you get a state tax credit, usually on the income tax return for your resident state. Consider getting help with your income tax returns for this issue.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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