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?
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No. Since you are a nonresident of New Jersey and have no income, you are not required to file. There is no benefit to filing a return just for the sake of it. Keep track of any improvements made so that you can adjust the basis at the time of sale.
https://www.state.nj.us/treasury/taxation/pdf/current/1040nri.pdf
No. Since you are a nonresident of New Jersey and have no income, you are not required to file. There is no benefit to filing a return just for the sake of it. Keep track of any improvements made so that you can adjust the basis at the time of sale.
https://www.state.nj.us/treasury/taxation/pdf/current/1040nri.pdf
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