View Full Version: Do I Need To File A State Tax Return?

Do I Need To File A State Tax Return?

douglala79
2008-04-02 10:44

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?

jasons
2008-04-02 15:32

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.

edmeyer
2008-04-02 17:52

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.

finniganps
2008-04-02 23:07

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.

douglala79
2008-04-03 09:54

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?

finniganps
2008-04-03 10:51




Quote:

On 2008-04-03 09:54, douglala79 wrote:
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?


Take a look at the NJ non-resident form NJ-1040NR and instructions. You can see the form and instructions on www.1040.com and then select state forms.
If you hold the property as an individual it looks like you'll report the net rental income/loss of the property on pg. 3 of the form which will flow back to page 1. If you hold it through a partnership, LLC or S Corp., it looks like it would show up on pg. 1 line 22 (partnership distributive share, but double check with your CPA on this.

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