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Hi from just answer. I'm PDtax. 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'm PDtax.
Hi again. PDtax here.
I was prompted to follow up on my previous answer.
Site experts are measured on several measures of service, one of which is customer feedback. Please take a moment and rate my assistance if my work meet your needs.
The end of the month is coming, and I would ask that you rate my assistance to close out your inquiry. It allows site management to credit me with assisting. Thanks.
I made the offer here because I could not make another premium service offer in the other thread.
I'll call tomorrow, afternoon EST.