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Updated 2 days ago on . Most recent reply
Out of state losses and filing taxes
I live in Kansas. My single-member LLC is registered in KS. The LLC owns property in MO. The MO property had a net loss for 2024. I understand I file for the net loss. But do I do so in KS, MO or both states?
Most Popular Reply
Since your Kansas-registered single-member LLC owns property in Missouri and had a net loss in 2024, you'll need to file in both states:
- Missouri: File a nonresident return to report the net loss. This ensures compliance and may help with future tax benefits.
- Kansas: File a resident return, including the Missouri loss, which can offset other income in Kansas.
Even though no Missouri tax is due, reporting the loss properly in both states is essential. Consulting a tax professional is recommended for accuracy.