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Investors & landlords
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, but only in the year that it occurred.
Hope this is helpful.
<a rel="nofollow" target="_blank" href="http://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf">http://www.state.nj.us/treasury/taxa...>
Hope this is helpful.
<a rel="nofollow" target="_blank" href="http://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf">http://www.state.nj.us/treasury/taxa...>
‎June 5, 2019
3:33 PM