New Jersey is considered a "gross income tax" state, meaning individuals are taxed on gross income with no itemized deductions allowed. For this reason, casualty losses are not deductible on state income tax returns.
Although losses cannot be deducted on New Jersey tax returns, they may be deductible for federal tax purposes. IRS publications and forms can be found on the IRS website at IRS.gov. IRS Publication 547, Casualties, Disasters and Thefts (Business and Nonbusiness), explains:
In order to report and deduct losses, access the following forms:
There are two other helpful IRS forms that can be accessed at irs.gov/forms-instructions:
NJCPA on-site training programs offer the same outstanding content and expert instruction as our seminars but are led at your location.
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