tax1111 Posted February 4, 2021 Report Posted February 4, 2021 Does NJ treat rental loss in the year of sale of the property the same as federal, i.e. all losses or losses carryover are released? Thank you! Quote
jklcpa Posted February 5, 2021 Report Posted February 5, 2021 From the NJ1040 instructions: Quote Passive Losses. There is no distinction between active and passive losses for New Jersey purposes. You cannot carry back or carry forward such losses when reporting income on Form NJ-1040. You can deduct federal passive losses in full in the year incurred against any gain within the same category of income. Quote
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