I know that If I have capital loss, I can deduct up to $3000 against income when filing federal return. However, for states like MO and NJ, which tax capital gains as income, is there a limit for capital loss deduction against income?
Every state has different rules.
On the New Jersey tax return, you cannot apply any of the capital loss against any other category of income. If you have a net capital loss you just report zero capital gain. You cannot claim the loss. And there is no carryover of losses.
I don't know about Missouri.
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