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Updated almost 6 years ago,
Confused about K1 filing with states where investments reside
In 2018, I started some LP investing in syndications. I was thinking that the tax filing with this would be easier than direct real estate ownership because I would simply get a K1 from GP sponsor to input into my federal income taxes.
My questions:
1) Some of the K1s I've received also contain state level K1 equivalent (and some do not). I have at least 10 different states represented. Am I responsible to file state level returns now? Is this complex enough that I need to start using a tax advisor?
2) A couple of the K1s I should have received by March 15 are still not received. I may have to file a federal tax return filing extension in order to wait for receipt. Is this unusual?
thanks.