Hi all - want to make sure I'm not missing something.
I am a resident of Philadelphia, PA but I am going through the process of buying an investment property in Gloucester City, NJ. I've heard from two different people -- "Why would you do that? You have to file NJ taxes!"
Well my first thought is, DUH, yeah, so what? But I spoke with my tax guy about a year ago and indicated I was looking in NJ. He didn't mention the fact that I would have to do a NJ tax return.
So what do these folks know that we don't? I'm sure I'm not the first out-of-state investor, and certainly not the first PA resident to invest in NJ. So you have to file with NJ, so there is a cost to file a state return, obviously. But what am I missing?
bump.. I would like to know too