i haven't found a credible NJ source that specifically excludes a Section 988 loss in NJ but I haven't found one that permits it either.
I have plugged a gain and a loss in my federal return. An ordinary gain was reported as income but the loss did not. New jersey does not accept negative adjustments of any kind. I even tried to enter a negative adjustment in the NJ return and it didn't accept.
With this, i have to conclude that Section 988 losses are not deductible in NJ. I did find out that ordinary causality losses are not deductible and i feel that any ordinary loss is not deductible in the State of NJ.
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