Tax question and using quicken

[wyecrabber1]

Last year my wife and I purchased a model home near St. Augustine. We rented to home back to the builder. I received a 1099 MISC showing rental income of $20,870. I completed a Schedule E, with expenses, the net income was $5,500. Our residence for 2019 was Maryland.

Completing my Maryland return, Quicken transfer the Adjusted Gross Income from the Federal return. My understanding is I do not include the rental income from the Florida property. I think I should the AGI amount by $5,500 for the Maryland return.

Correct?

Also, Florida does not have a personal State Income Tax -- so, I am not require to file a return. -- Right?


Thanks in advance for the help.

 

[RE2Boys]

Your resident state taxes all income earned by you regardless of where it was earned. (Edit: some states have a reciprocal agreement with another state to simplify tax reporting. For example, if you worked in PA but were a MD resident, PA would not tax the wages earned in PA by a MD resident.

Furthermore, you may be required to file a Form DR-405 with your FL county if there is any personal property associated with the rental.

More info: https://ttlc.intuit.com/community/i...d-to-know-if-rental-income-from-my/00/154202#

 

[pb4uski]

+1 like it or not because you are a resident of Maryland you have to include all your income, even the Florida property.

Now if the out-of-state property was in a state that has an income tax you would have to file a non-resident return for that state that would tax the income from the property and then you would receive a tax credit in your home state for all or a portion of the tax paid to the other state.