MarilynG1
Expert Alumni

State tax filing

No. New Jersey has different rules regarding losses. 

 

From New Jersey Dept. of Treasury:

 

"Reporting Losses. If you have a net loss in any category of income, remember the following: • You cannot report a loss on your NJ-1040 (e.g., in parentheses or as a negative number); • You can net losses with gains in the same category of income. For example, you can subtract gambling losses from gambling winnings during the tax year; • You cannot apply a net loss in one category of income against income or gains in a different category on your NJ-1040. For example, you cannot subtract gambling losses from your wages; • If you have a net loss in any income category, make no entry on that line of your NJ-1040. Do not enter zero. Do not enter the amount of the loss in parentheses or as a negative number; • No carryback or carryover of losses is allowed when reporting income on NJ-1040."

 

Click this link for more detailed info New Jersey Capital Loss. 

 

 

[Edited 3/16/22 1:49 pm]

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