Client has net gambling losses from NJ casinos of less than zero and net NJ rental income of less than zero, is she still require to file 1040-NR return?
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NJ nonresident filing requirements
According to page NJ-2 TTB, All States Edition, NJ nonresidents are required to file NJ1040-NR if the individual has any NJ source income AND has gross income from all sources that exceeds $10,000 single, MFS or $20,000 MFJ, HOH, QW.
NJ publication defines gross income for nonresidents to include net rental income and net gambling winnings.Last edited by Nancy; 10-11-2006, 09:44 AM. -
TTB page NJ-5 says you enter net gambling winnings after deducting gambling losses. The way I read that, unlike federal, NJ considers the net amount. There is no separate deduction for losses up to income, like on the federal.
So in your case, since the net amount is a loss, there would be no NJ source income, and no need to file.Comment
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does the same apply to rental income? If net loss, no return required?Comment
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Living clean
>>net gambling losses from NJ casinos of less than zero<<
Living clean as I do, I don't really understand how the casino thing works. What is a net loss of less than zero?Comment
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Net Losses
Is this why NJ has never followed up on w-2g's with a request for a tax return? They assume all winnings are losses?This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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I guess I do
>>all winnings are losses<<
Oh, well then! I guess I do understand it after all. All my friends and clients who have ever bragged about winning are overall losers.
That doesn't sound right. I don't mean to say that all my friends are losers. Hmmm, come to think of it, they are!Comment
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