Got this jade tree two months ago and only watered it once. The leaves started wrinkling and falling off. I was told it's overwatered and need to leave it dry out. The soil feels very dry but I can't tell now if it's overwatered or underwatered. I live in the Northeast US and the tree has been kept indoors.

Sympthoms are similar. Judging from that moist holding soil I woulg guess overwatering.

I usually dont advice beginners to start repotting newly aquired trees. But this is an exception. Jades dont grow in bogs and sphagnum will rot the roots. I would say repot it into well draining soil mix.