BOBEIKE
Returning Member

Investors & landlords

IF YOU HAVE CARRYFORWARD LOSSES FOR RENTAL REAL ESTATE FOR NJ INCOME TAX, HOW DO YOU OFFSET THE CARRYFORWARD LOSSES AGAINST THE SALE OF THE PROPERTY? WHEN I FILL OUT FORM NJ BUS-2 & INDICATE ON LINE 5B THE CARRYFORWARD LOSS IT JUST IS ADDED TO THE CURRENT YEARS RENTAL LOSS ON LINE 4B, & THEN JUST CONTINUES TO CARRYFORWARD LINE 6B TO TAX YEAR 2021, LINE 12.