How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I have a small business that was once a corporation. I have

Customer Question

I have a small business that was once a corporation. I have a NOL of $450,000 that I carry forward and have just read today that it may have some value. I do not make enough income to ever use the NOL. I no longer have the corporation as it was closed voluntarily at the suggestion of a CPA when I filed 2007 taxes, however, the State of CA will not allow it to be closed in the state because I have a balance that they continually add to due to years old late taxes. Since 2011, I have filed as a sole proprietor. Could there be any value to the NOL?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Hi Pearl, I must have taken too long to type since the name has changed here. I can't think of anything else unless you have a question. Thank you. Sandra
Submitted: 1 month ago.
Category: Tax
Expert:  ABC Accounting Group replied 1 month ago.

Hi. Great Question. The NOL can be included in Line 21, given some restrictions.

Related Tax Questions