Do I Need To File A State Tax Return?
I live in CT but I bought a rental property in NJ last year. Do I need to file a state return for NJ for 2007?
I live in CT but I bought a rental property in NJ last year. Do I need to file a state return for NJ for 2007?
I would ask a CPA or try to find out on the NJ state site...maybe even send them an Email with your question. I can tell you this, I live in Mn and have a property in NY and I have to file with NY each year.
Most likely you will have to file. I own property in multiple states and my recollection is that I filed state income tax in all of them. My accountant did not charge me too much for the additional state filings, though.
NJ will require you to file a nonresident return and pay taxes on your NJ income. Your home state will tax you on the same income, but you should get a credit for the taxes paid in NJ on your CT return.
Great. Got it. Thanks everyone.
One last question though. Am I giving NJ the total amount of rent I received or am I giving them the bottom line gains/losses for the NJ property?