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Get your taxes done using TurboTax
You are correct that the house and land go together to create the basis. The NJ instructions, page 11, states: You can deduct the expenses of the sale and your basis in the property from the sales price. In general, when calculating your gain or loss, you will use the cost or adjusted basis that you used for federal purposes.
As long as your NJ taxable income is correct and properly taxed, that is the goal. Since you are using the desktop version, you can switch to FORMS mode to see the actual forms. You can right click and "data source" or learn "about" the lines.
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‎April 7, 2022
10:05 AM