capital loss limit

[wade99]

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?

[rjs · Accepted solution]

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.

[wade99]

Thank you rjs !