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Hi from just answer. I'mCustomer I'll assist.
I want to put your question through our tax software to confirm the math, and i can do that shortly.
I used 49542 schedule C (to create the $3,500 SE deduction), a $2,000 capital loss, and 25,742 as another loss item to arrive at $8,000 taxable income for 2015 before the NOL.
His modified taxable income is taxable income plus exemption ($12,000) plus nonbusiness capital losses of $2,000, for a total of $14,000. That means there is $1,000 available for carryover to 2016.
Thanks again for asking at Just Answer. Positive feedback and a binus if warranted are appreciated. I'mCustomer
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