S-Corp Shareholder in another state

[blueman]

What is the name of your state? MN & NY
I have a couple of questions and would appreciate any help:

1. If I am a Minnesota resident for tax purposes and am also a shareholder in a New York registered S-Corp, how is my share of S-Corp income or loss treated for state tax purposes?

In the first year of operation I am anticipating losses and would like to be able to offset these against regular income in Minnesota.

2. If I am a NY S-Corp, registered as a foreign corporation in MN do I also file a Corporate tax return in MN or just in NY??

Any help appreciated

Blueman

 

[clueless3]

What is the name of your state? MN & NY
I have a couple of questions and would appreciate any help:

1. If I am a Minnesota resident for tax purposes and am also a shareholder in a New York registered S-Corp, how is my share of S-Corp income or loss treated for state tax purposes?

In the first year of operation I am anticipating losses and would like to be able to offset these against regular income in Minnesota.

2. If I am a NY S-Corp, registered as a foreign corporation in MN do I also file a Corporate tax return in MN or just in NY??

Any help appreciated

Blueman

1. Are you simply a "shareholder" in a NY corp? or are you an officer, actively engaging in business with that NY corp?

If you are simply a shareholder, then you won't be personally taxed in NY, just MN.

However, if you are actively engaging/working with that NY corp, then you'll be personally taxed in both NY and MN. Now, MN might give you a deduction if you pay NY income tax.

2. The corp will need to pay corporate income tax with whatever states that it registers with. In your case, the corp will need to pay corp income tax for both NY and MN.