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    kmk226's Avatar
    kmk226 Posts: 1, Reputation: 1
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    #1

    Mar 12, 2007, 07:36 PM
    Nj resident bought ny home
    I live in nj but I but I bought a home in ny state for my sister and her family. She pays me rent. Less then the mortgage. I do not live in the home and did not live in the house for even one day in 2006. I work in nyc and rent in nj. I am not considered a ny resident am I?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Mar 12, 2007, 07:51 PM
    No you are a landlord there, you own a rental house there. At a lost which could be a tax issue, since you are not in the rental business to make a profit, so it could effect the tax deductions since it is not really a business.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 15, 2007, 10:58 AM
    Rental properties almost ALWAYS show a paper loss due to the depreciation deduction. However, if the rent you charge at least approximates what is fair market value for the house, you should have no problem tax-wise.

    You WILL need to file a NY state tax return, as well as one for NJ.
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