Personal Income and S Corporation Tax Questions: Florida S Corporation but live in California?
Posted on January 2, 2009 by admin
tomghile123 asked:
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
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
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.