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Level 2
posted Mar 22, 2022 12:05:49 PM

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

0 2 362
2 Replies
Expert Alumni
Mar 22, 2022 1:34:50 PM

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.

Level 2
Mar 23, 2022 5:29:21 AM

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"