Carl,
Many thanks for your immediate reply; appreciate. There is no issue in reporting the rental income and expenses on Sch. E for FED return and on Sch. NJ-BUS-1 for NJ state return.
My question is, as an individual, whether I can claim rental losses in NJ state return on Sch. NJ-BUS-2 or not. I remember from a discussion with a tax professional some years ago that only corporations can claim such losses but I could not find my notes from then. I also could not find any reference documents, during my search of today, explaining the subject, including from NJ Division of Taxation website. I appreciate if you could please elaborate on that as well.
Many thanks.
