NJ resident has sold rental property and have prior year unallowed losses that aren't released on the sale of the property on the NJ tax return. How do you show the loss?

[john4]

Do you add the unallowed losses to the New Jersey Basis? Can you then remove the unallowed losses from NJ-BUS-2?

[sjrcpa · Accepted solution]

I don't think NJ allows prior year losses to offset cutrrent year income. Check the NJ instructions.

[Accountant-Man]

You don't. You don't get the losses.