Well this does support that position if this is your only K-1:
If a loss is reported to the partner by the partnership or if a loss occurs as a result of adjustments for qualified unreimbursed business expenses, the partner will enter the loss for that partnership on Schedule NJ-BUS-1 and use it to offset income from other partnerships. If the net amount from all partnerships listed on Schedule NJ-BUS-1 is a loss, the partner should make no entry on his/her New Jersey Income Tax return in the category “Distributive Share of Partnership Income.”
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
