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Schedule D-1 (1041 Form) 2022-2023 for Paterson New Jersey: What You Should Know

Gov Annual New Jersey state income tax returns. 2023 Income Tax Returns — NJ Division of Taxation 2023 Forms and Instructions — NJ Division of Taxation A quick review of the income tax returns. JULY 2023 NEW JERSEY RETURNS 1040 U.S.E. (Schedule D) Capital Gains Exclusion and Qualification Expenses If you own real property, you may be entitled to claim a Capital Gains Exclusion. If you are a resident of New Jersey and you own real property for rental purposes in New Jersey and you did not meet the residency requirements under the New Jersey Statutes, you may also be entitled to a Qualification Expense Deduction. The Tax Court has agreed with taxpayers and has ruled that the Qualification Expense Deduction is an additional deduction if you are a resident of New Jersey. The Exclusion and Deduction are discussed in detail below. If you own real property for rental purposes in New Jersey, you may be entitled to claim a Capital Gains Exclusion. If you are a resident of New Jersey and you own real property for rental purposes in New Jersey, you must meet certain residency requirements to qualify under these exemptions. To qualify for this Exclusion, you must be a resident of New Jersey if you have owned or held the real property or interest in real property for at least 1 year, have a federal tax return filing status (including a joint return if filing a joint return with a spouse or a married individual filing a separate return), and be the legal owner of the real property at the time you enter the United States (“acquired property”) or hold it as an interest in an estate or trust under a valid trust provision and hold it with you at all times or, if you bought the property at a public auction held pursuant to an order of the Tax Tribunal, if the sale price was less than 20,000. The Capital Gains Exclusion applies to taxable capital gains from the sale or exchange of real property held for rental purposes, regardless of whether the property is held in a trust or through constructive trust (or a person having such a trust) (but see paragraph (6)(e) below for limitations if held for sale).

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