State tax filing
Thanks @rjs
I understand the situation for rental income now.
Can you please clarify further the situation when it comes to rental loss?
Example:
| Property A | Property B | |
| State | TN | TX |
| Rents Received | $ 10,000.00 | $ 7,000.00 |
| Expenses (including depreciation) | $(30,000.00) | $(17,000.00) |
| Loss | $(20,000.00) | $(10,000.00) |
| Total Loss | $ (30,000.00) |
Currently, TurboTax is recording a Total Loss of -$30,000 under NJ-BUS1 - Part IV Net Gains or Income From Rents.
The CPA who reviewed my TurboTax return said that I should remove Properties A and B from my NJ returns (specifically remove them under NJ-BUS1/NJ-BUS2) because:
1. It's a net loss
2. These properties are not in NJ
He added if my rentals generated net income later on, it may become an issue because it would offset these losses.
Appreciate your insights on this matter.
