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New Jersey Rental Income Carryover
The IRS allows landlords to Carry Forward Passive Activity Losses to offset Rental Gains in the future. It appears that New Jersey Tax Code differs: "You cannot carry back or carry forward passive losses when reporting income on NJ-1040. However, you can deduct federal passive losses in full in the year incurred against any gains within the same category of income". Here is my question. If my interpretation is correct, than why on NJ-BUS-2 do they ask for the "Loss Carryover From The Prior Year 2017" (Part 1 - Line 5) and label the Current Year Loss as a "Loss Cartyforward to 2019" ? Thanks Tom
‎September 10, 2019
11:48 AM