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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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Do you have to use your NOL deduction if costs you more money

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Do you have to use your NOL deduction if costs you more money in lost earned income credit? Can you choose not to take your business loss?

Arthur Rubin :

Thank you for using Just Answer. I understand you are asking whether you need to take an NOL.

Arthur Rubin :

Unfortunately, you have no option. An NOL must be used. The year it is acquired, you have the option to waive carryback, but that's the only option you have.

Customer:

Even if you don't want it? Normally deductions are a tool to save you money not cost you money.

Arthur Rubin :

I'm afraid that's not entirely the case. In the case of business deductions, the only way you can avoid taking them is to lose the records. Also, carryovers in general must be taken even if useless because of AMT.

Customer:

Thanks

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