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Level 1
April 5, 2023
Question

NJ 1065 - Net Capital Loss Question

  • April 5, 2023
  • 2 replies
  • 21 views

Hi,

I am preparing a partnership tax return and the partnership incurred $95k of short term capital stock losses. The  loss flowed from Federal Form 1065 to New Jersey NJ-1065 on line 8. Since the amount is a loss, should it be added back as an "other Addition" on line 13b of Form NJ-1065.

Many thanks as I am trying to finish this tax return.

Frank 

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2 replies

Employee
April 18, 2023

I don't believe the loss should be added back on Line 13 but is there a specific reason/instructions that says it should be that I may be missing?

Skylane
Intuit Community Champion
April 18, 2023

Pretty sure NJ doesn’t recognize the loss. Check instructions And look at the NJ K1

If at first you don’t succeed…..find a workaround