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Stevenbirn
Returning Member

Rental Property Sale in New Jersey

Hello, hopefully someone can help me.  I sold rental property in New Jersey this year and completed the federal correctly for the sale.  For some reason the New Jersey GIT-DEP is using the incorrect Federal Basis for Depreciation (column D), it is using the property including the land where federal uses the property not including the land.  The property was purchased and rented in 1987 so it should not even be on there.  Also there are three other items on part 2 of the GIT-DEP and it is putting the wrong values of the NJ Basis (column F) in the asset.  The condominium is the first asset but it is putting the depreciation of the second asset where the condominium should be.  The NJ Basis for the second asset is what the third asset is and the depreciation for the third asset is the value of the fourth asset.  The fourth asset is correct.  Is Turbotax aware of this and is anyone else having this problem?  Thank you whoever can assist me.

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2 Replies
Carl
Level 15

Rental Property Sale in New Jersey

@TurboTaxSee flagging you on this. Looks like a federal-to-state carry over integration issue? I understand what the problem is. But my unfamiliarity with the NJ state tax module means I can't be of much help here.

Stevenbirn
Returning Member

Rental Property Sale in New Jersey

Thank you anyway.  Is it worth contacting Turbotax about the issues with New Jersey at this time?

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