Any NJ gurus out there.
Situation:
-have NC rental property for taxpayer that always makes inxs of 150k
-he sold the property in 2022 for 250k gain
-this gave him 250k in passive income
-which allowed the 100k passive loss carryover to be used on the federal and NC
Problem:
-for NJ i record the gain and get the credit for what was paid to North Carolina-
-NJ is as far as i know not allowing the 100k loss on the Schedule E
-Basically the depreciation through the years is 100k
-I'm getting no benefit on the depreciation
-Anyway i can take this passive loss?...
-if i can't, anyway to adjust the basis for NJ since i rec'd no tax benefit for the depreciation?
ty!!