If this unit has been disposed of in its entirety, the gain / loss from disposition are reported as other net gains on Schedule B for resident returns or on Part I for nonresident returns.Claim rental, royalty, and a Real Estate Mortgage Investment Conduit (REMIC) on federal Schedule E. See the worksheets for business income, farm income, partnership income, S Corporation income, farm rental income, and trust and estate income. Use this field to override the calculated amount.īusiness related dispositions are reported as business related income. Some gains related to mass dispositions, casualty, and theft, as well as prior year installment gains, and passive activity limitations are not available for transfer as either identifiable to a particular activity unit or are not available as adjusted for New Jersey basis. Every effort has been made to capture all amounts necessary for this calculation. Amounts not appearing in this field are treated as dispositions of a personal nature and are reported as other net gains on Form NJ-1040, Schedules A and B, Schedule B, for resident returns, or on Form NJ-1040NR,, Part I, for nonresident returns. The amount appearing in the Calculated column is the gain or loss attributable to this unit as if it were reported on federal Form 4797 (not adjusted for New Jersey depreciation differences). The amount calculated on federal Form 4797 for ordinary gains is reduced for those dispositions that are business related or otherwise identified as dispositions reported as business, rental, partnership, S Corporation, or trust and estate gains. Losses are not reported on the 2021 return but are used to calculate the 2021 Alternative Business Increment Deduction and the 2022 Alternative Business Increment Deduction on the Tax Projection Worksheet. New Jersey Schedule E income calculated on this worksheet transfers to Schedule NJ-BUS-1 or NJ-BUS-1NR.Ģ012 law change allows an adjustment to income under the Alternative Business Calculation which will be based on the net business loss from net profits from business, distributed share of partnership income, net-pro rata share of S Corporation income and net gains or net income from rents, royalties, patents and copyrights. The worksheet provides a hard copy calculation of New Jersey Schedule E income when different from federal Schedule E income. Information in this section is used to calculate the New Jersey Federal Schedule E Reconciliation Worksheet. Items in this section transfer from federal Screen E. Rent and Royalty Property - General Information Rents received amounts will be ignored if both Rents received and Royalty received fields contain data. Rental income and royalty income must therefore be reported on separate federal Rent Screens. New Jersey requires net rental and net royalty income to be reported in separate fields on the NJ-BUS-1 for residents or on NJ-BUS-1NR for nonresidents. Information from each section is used to calculate the New Jersey Federal Schedule E Reconciliation Worksheet. Data in this input screen transfers from federal Schedule E,, and federal Screen Rent. Use this screen to calculate Form NJ-1040, Schedule NJ-BUS-1 and Form NJ-1040NR, Schedule NJ-BUS-1NR, for New Jersey net gains or income from rents, royalties, patents, and copyrights.
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