Rental Carryover Loss on NJ Returns

[aljfromnj]

Thank you! I think I understand it for the years I lived in NJ and filed NJ taxes. For the few years I did not live in NJ, and did not file NJ taxes, I assume the rent collected in NJ is also taxed as NJ income, and so the rental losses would still be computed the same way. For example, if i collected $70k in rent in 2020, spent 50k on taxes, interest and repairs, and had a $30k depreciation, how much of that can I use to reduce my NJ income from the sale of that property (and similarly for all of the past years). Also, how would it be different if I had other income in NJ from my regular job, or not? Is it any different for 2022, or the same formula applies? Your help is very much appreciated!

[brasher]

Does this mean I can't use my large loss carry forward for the property I sold in NJ to offset my gain from the sale?   Thank you in advance

[demens13]

Just want to bump this and Thank you. If it wasn't for this post, there is pretty much nowhere else where this info is outlined.

When you entered it on NJ-DOP, did you add it as a new line, which results in a negative number (the depreciation amount). Or did you just adjust the cost basis in the line about the sale that already existed.

[DaveF1006]

 To clarify, who are you asking this question to?

@demens13 

[demens13]

it should have been in response to @ihatetaxesjohn not sure why my comment didn't include his post.

[ihatetaxesjohn]

I don't remember the nuance. It looks like have a some notes in my folder with the steps I took:

1. Added new Moronoy/Koch line to NJ-DOP with NJ depreciation from 2012-2021
2. Update the carryforward NJ-BUS-2 to less depreciation from 2012-2020
3. Update the 2021 losses on NJ-BUS-1 to remove 2021 year's depreciation
4. Filed amended 2020 return to correct carryforward from 2019 on NJ-BUS-2

Looking at NJ-DOP, there's a line I added "Moroney/Koch Rental Sale Unusued Depr.", which created a loss (negative).