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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!
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
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