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- VA Resident with a MD Rental Property with disallowed passive loss
VA Resident with a MD Rental Property with disallowed passive loss
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Ayhn
Level 3
3 weeks ago
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Hi professionals,
I run into a case where a client lives in VA all year and have a new rental property in MD. The rental is having a net loss, and it's disallowed on federal return due to higher income.
My question is whether the MD nonresident tax form is showing correctly. On page 2 of MD form 505, the Maryland Income column is all blank. It looks like the passive loss is also disallowed on state level.
If I understand correctly so far, then is it necessary to file a MD tax return in this case? Do I check the box "Not required to file a MD tax return"?
If my understanding is incorrect, please let me know what should show on Form 505 for the rental loss.
Many thanks for your help!!
3 Comments 3
sjrcpa
Level 15
3 weeks ago
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Yes
The more I know the more I don’t know.
