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For my 2017 NJ income tax return can I net losses from my NJ…

For my 2017 NJ...

For my 2017 NJ income tax return can I net losses from my NJ rental property against K-1 gains from another Real estate partnership I am a minority partner in?

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My wife and I have an Ocean City, NJ shore property that we rent weekly in the summers. It generates a loss annually and these losses get net against gains we recognize on another investment. This other Investment is a real estate partnership and I am a minority partner in that venture. We get a K-1 each your that reflects a gain.

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When we file using Turbo Tax, the loss is net against the gain for federal tax purposes but that doesn't seem to transfer over to the NJ state return. Only the K-1 income from the real estate partnership is reflected and that drives our taxable income higher in NJ. We are trying yo establish whether this rental property loss is not deductible or if there is another NJ business income form/return we have to complete that Turbo Tax does not lead you to automatically.

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Customer reply replied 27 days ago
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Answered in 9 minutes by:
3/24/2018
Gerald, Esq
Gerald, Esq, Attorney
Category: Tax
Satisfied Customers: 5,101
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Customer reply replied 27 days ago
Ok, thank you

I can't address why Turbo tax is bnot allowing you to take the deduction.

NJ law allows you to deduct the rental losses in full in the year incurred against any gain within the same category of income. BUT you can not carry over losses. It must be taken only in the year that it occurred.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

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Gerald

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See:

ftp://www.njleg.state.nj.us/20002001/S1000/734_I1.HTM

http://www.state.nj.us/treasury/taxation/njit9.shtml

Kind regards,

Gerald

(Please do not forget to rate me – click the five stars. It adds nothing additional to your costs, but it helps me greatly. Plus it is good Karma for you. Thank you.)

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Customer reply replied 27 days ago
Are these two real estate projects considered to be in the same income category? One is a limited partnership in a shopping center that generates taxable K-1 income each year. The other is a vacation property that we rent during the summer season in New Jersey. We satisfy all usage rules as we do not use it for personal use. While it provides cash flow, it generates a loss that gets net against that other property for federal income tax purposes.

Yes. They are both passive real estate investments. They are both in the category of capital income invstments (as opposed to ordinary income).

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Customer reply replied 27 days ago
Thank you Gerald. What schedule do I use to capture the rental property activity? Turbo Tax seems to automatically pickup the K-1 income on the LTD Partnership.

You would list your loss here:

http://www.state.nj.us/treasury/taxation/pdf/current/resbus1.pdf

Here are the over instructions for NJ:

http://www.state.nj.us/treasury/taxation/pdf/current/1040i.pdf

Gerald, Esq
Gerald, Esq, Attorney
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Customer reply replied 27 days ago
Thank you Gerald... FIVE STAR!

Thank you.

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