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Updated 10 months ago on . Most recent reply
Philadelphia Net Profits Tax Question
New Philly resident here with out-of-state rental income. Trying to understand the Net Profits Tax structure and filing and I have a few questions:
1) My understanding is that out-of-state rental income is subject to NPT though a credit is applied for any taxes paid to another locality (state tax not included). But I can't figure out for the life of me where on the return I would enter this credit. Can anyone help clarify?
2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet? There doesn't seem to be another option.
3) Do my spouse and I have to file two separate NPT returns for the rental income as we are joint federal filers? Again, there doesn't seem to be another option.
Any help is appreciated as these Philly taxes are...confusing. Thank you!