Personal Income and S Corporation Tax Questions: Florida S Corporation but live in California?
Personal Income and S Corporation Tax Questions: Florida S Corporation but live in California?
I have a real estate business in Florida under S Corporation. I live in California and work full time for a major corporation and earn wages income in California. My questions are:
1. Will I be able to write off my losses (if I lose money) on my CA state and federal taxes?
2. Do I have to file an S Corporation even thought I am not doing any business in California?
Thank you,
Tom
Answers:
Chosen Answer
tma: You should be able to deduct up to $25,000 in losses from rental activities, as long as you actively participated. Im not sure about CA filing requirements for a foreign S Corp.
2007-03-15 20:26:38
tma: You should be able to deduct up to $25,000 in losses from rental activities, as long as you actively participated. Im not sure about CA filing requirements for a foreign S Corp.
2007-03-15 20:26:38