Hey all. Potentially looking to rent out my 1BR apartment in the near future. Monthly rental of $1,400 is target. And NJ tax forms say that "net rental income" is taxable, just like income from one's job. So my question is, if my only "profit" per month is $50 after I pay the property's maintenance fees and mortgage, I assume will tax me on that $600/year. But does NJ tax law allow me to report money spent on the rental property's maintenance (such as for example plumbing or electric repairs/upgrades) to offset net rental income?
And, does my taxable income (from my job) and the tax bracket I am in influence the tax rate at which NJ taxes me on net rental income?
If yes... I have tried to find a table or a chart that could direct me on that and found nothing.
Any and all help is appreciated - thank you! (Thousands of you guys have made good money from rental income, and eventually after I pay off my mortgage I'd like to do that as well.)