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NC3
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Can capital gains distributions (from schedule 1099-DIV) be offset by capital losses from investments from schedule 1099-B for New Jersey State taxes?

As I understand it, the rule is like assets must offset each other.  These both would be capital gains/losses but it doesn't appear to be pulling through from Federal to state.
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3 Replies

Can capital gains distributions (from schedule 1099-DIV) be offset by capital losses from investments from schedule 1099-B for New Jersey State taxes?

It won't happen because what you suggest is not permitted. On NJ Schedule B, Capital Gain distributions are on Line 2 and  Capital Gains (net) are on Line 1.

Can capital gains distributions (from schedule 1099-DIV) be offset by capital losses from investments from schedule 1099-B for New Jersey State taxes?

Correction. see ans.

Can capital gains distributions (from schedule 1099-DIV) be offset by capital losses from investments from schedule 1099-B for New Jersey State taxes?

NJ doesn't allow a deduction for Net Capital Loss from stock transactions, so there is nothing to offset your amount on Line 2.
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