Hello,
I'm doing a return for a family member for the first time in turbotax. On the 2019 NJ STATE return there is a loss carryforward of ($4,858) on Schedule NJ-BUS-2 which stems from the sale of inherited property at below market value sometime around 2012. After consideration of 2020 income/exemptions/deductions the carryforward remains unutilized in 2020 and will carryforward again to 2021.
So now for the question... I can't seem to figure out how to get an NJ-BUS-2 w/ the carryforward included on my state return. I tried to find other questions asked already and found the carryover worksheet at the very bottom. I manually populated an NJ capital loss for state. This doesn't seem to trigger the creation of any forms in the NJ return.
Appreciate any advice. Thank you.
the BUS loss carry forward can not be used unless you institute a new business sometime in the future.
If you want to carry forward this amount,
you might need to prepare the form yourself (see last year's filed form for example) and file on paper.
OR
figure out how to trigger TurboTax to generate it. I don't have the answer.
THANK YOU! Turns out after lots of Q&A this state carryforward seems to be from a business loss leftover at retirement of the filer. The type of loss and carryforward I had referenced on home sale turned out to be on the federal return and fully utilized 3 years ago.
I sold a rental property in 2020 in NY. After completing the appropriate forms, there was a loss of $6,223. I see this amount listed on Schedule NJ-Bus-2 line 12 which states Loss Carryforward to tax year 2021. As I do not want to leave anything on the table, Can someone please tell me if this amount is eligible to claim on my 2021 taxes and if yes, how and where tp do it?
No. New Jersey has different rules regarding losses.
From New Jersey Dept. of Treasury:
"Reporting Losses. If you have a net loss in any category of income, remember the following: • You cannot report a loss on your NJ-1040 (e.g., in parentheses or as a negative number); • You can net losses with gains in the same category of income. For example, you can subtract gambling losses from gambling winnings during the tax year; • You cannot apply a net loss in one category of income against income or gains in a different category on your NJ-1040. For example, you cannot subtract gambling losses from your wages; • If you have a net loss in any income category, make no entry on that line of your NJ-1040. Do not enter zero. Do not enter the amount of the loss in parentheses or as a negative number; • No carryback or carryover of losses is allowed when reporting income on NJ-1040."
Click this link for more detailed info New Jersey Capital Loss.
[Edited 3/16/22 1:49 pm]