I bought a rental unit in New Jersey in 2018 and when I consider the following expenses, the net income comes out to be about -$500. Since its a loss, am I obligated to file New Jersey state tax? If not is there any advantage in filing tax just for the sake of it?
Expenses,
ClosingCost, HOA, InterestPaid(Mortgage), PropertyTaxes, OtherMaintenance/Reparis, AssetDepreciation.
Also, Is my understanding of deducting all the above expenses from the rental income correct?
