Turbo requires sale of Property to be split on Federal forms (building portion and land portion). However, on NJ form, Turbo only shows the Land portion as a capital gain

donnel904-aol-co · ‎March 22, 2022

PatriciaV · ‎March 22, 2022

Please clarify what happens on your NJ return if you report only the sale of the property and not the land (combine the two) on your Federal return.

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donnel904-aol-co · ‎March 23, 2022

Thanks for the reply. I believe I have found the value in the NJ forms.

For NJ forms: It looks like the building portion IS reported on NJ-1040NR P3 as "Other gain/loss-F4797", so I think it's ok. The land portion is shown as "Rental Condominuum"
For Federal forms: The building and land portions are listed separately, but both have a description of "Rental Condominum"

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