Answered: Thanks, sorry I did forget to mention he owns the propert...

JOEPCPA · ‎12-07-2019

He owns the property through his S Corp. Is that correct and isn't that just a waste of time? I pay the tax with 4708 but then get refund on IT 1040?

TAXOH · ‎12-07-2019

If it's an individual taxpayer I don't believe you would file form 4780 and would just file IT 1040 for a non resident.

TAXOH · ‎12-07-2019

If it's an individual taxpayer I don't believe you would file form 4780 and would just file IT 1040 for a non resident.

JOEPCPA · ‎12-07-2019

Thanks, sorry I did forget to mention he owns the property through his S Corp so the 4708 is necessary.

TAXOH · ‎12-07-2019

Oh, okay. Then I think that is correct and yes it is a waste of time.

JOEPCPA · ‎12-07-2019

Thanks much!!

TAXOH · ‎12-07-2019

You're welcome.

Ohio IT 4708 - A NY resident owns rental property in Ohio. I understand I have to file IT 4708 and pay tax but it seems I can then file IT 1040 and take credit?