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Oregon Form 40-N - rental loss on line 17 not populating

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Level 2

My client is a California resident with real estate holdings in New York and Oregon.  The New York activity produces more income than the Oregon property produced in loss.  On Oregon form OR-40-N, the federal column (F) looks fine, showing the net rental income.  On the Oregon column (S), I expected line 17S to show the rental loss from the Oregon property, but instead it's just blank.  Since this is their only Oregon activity, I expected them to be able to generate an NOL to use against future Oregon income.

I went back and made sure everything for the Oregon property was assigned to Oregon (it was).  I tested the field by increasing the rents and, sure enough, line 17S populated with the (fake) income from the Oregon activity.

I looked in the Oregon instructions and didn't see anything that would indicate that the field should be zero if negative.  Am I missing something?  Is it being calculated correctly?  Or do I need to do something differently to generate the loss and subsequent NOL?

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Level 15

Passive loss rule specific to OR property?


ex-AllStar

View solution in original post

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Level 15

Passive loss rule specific to OR property?


ex-AllStar

View solution in original post

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Level 2

Yip.  When I look at the Oregon Carryovers on the General Info page, it shows the loss under "Unallowed Passive Losses - State Source Amounts".

Thanks!