- quote -

Yes, that's correct. The New Jersey tax is a "tax on GROSS
income." There are practically no deductions. Medical
expenses and alimony are the major exceptions. The real
estate tax deduction or credit has an upper limit. There are
two uncommon deductions for special situations on Form
NJ-1040 lines 32 and 33. That's it.

Bob Sandler

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"Vernon V Chatman III" <vvc[at]besttaxplace.com> wrote:

- quote -

Nothing. NJ is a gross income tax state. There are virtually
no deductions and you can't generally report any losses.
(Losses are generally reported as $0.) Note that partnership
income is also treated very differently in NJ. Medical
expenses are deductible in excess of 2% of AGI (unlike
federal) and you have a choice between deducting real estate
tax paid or taking a credit of up to $50.

Ira Smilovitz

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I'm doing my first NJ return. It's part-year CA and
part-year NJ. It looks like unlike CA only Real Estate
taxes and Medical expenses from federal Sch A flow to the NJ
return (all real estate taxes paid in NJ, rented in CA).

Among other things this implies NJ does not allow a
deduction for mortgage interest, charitable contributions,
employee business expense).

Is this correct! What am I missing?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >