Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
A new client in 2011 took a 600,000 net operating loss loss.
A new client in 2011 took a 600,000 net operating loss loss. Then his accountant quit or got fired. Then in 2013, using Turbotax, he filed the 2012 return by himself and did nothing with the 200k bala… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
I used Turbo Tax taxes. I had a Net Operating Loss K1 from
I used Turbo Tax for 2012 taxes. I had a Net Operating Loss K1 from fathers estate with 69000 loss. Turbo Tax took entire deduction in 2012. I elected to carry forward the loss but due to a critical e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have an NOL carrying forward from 2011. I have been using
I have an NOL carrying forward from 2011. I have been using turbotax and it is carrying forward on line 21 of my 1040. How do I continue to carry forward do I use my line 22 amount or do I need to fil… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The background situation is: when calculating "After Carryback"
The background situation is: when calculating "After Carryback" Adjusted Gross Income within Form 1045 for the purpose of determining the impact of a NOL in a carryback year, the lower AGI results in … read more
taxmanrog
taxmanrog
Master's Degree
1,192 satisfied customers
irs wants a new calculation of the alternative minimum tax
irs wants a new calculation of the alternative minimum tax resulting from a NOL. How do I do it?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I got a tax bill from the IRS for 8,455 for 2011 taxes. This
I got a tax bill from the IRS for 8,455 for 2011 taxes. This makes no sense because i had huge business losses from 2006 to 2009. It appears that my tax person did NOT roll these over correctly from y… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
I have losses from a subchapter S that I actively participated
I have losses from a subchapter S that I actively participated in that I did not carryover in 2009-2011. This year is the first year the company has operated with a profit. What do I do?… read more
abci168
abci168
Principal
27 satisfied customers
I have a single member pass through LLC and I need to re-file
I have a single member pass through LLC and I need to re-file my 2011 tax return. My expenses are increasing so when I re-file can I also re-submit my NOL paperwork as well? If so, which paper do I fi… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I need to amend my tax return for 2011. I can handle that,
I need to amend my tax return for 2011. I can handle that, but I am curious since my business expenses and NOL will increase, how I should report that? I know the IRS says you can only submit the 1045… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
I had a $92,680 loss on sale of business property in 2011,
I had a $92,680 loss on sale of business property in 2011, reported on form 4797 and a $46,440 business loss reported of form C. These resulted in an adjusted gross income of -$46,600. I used TurboTax… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
451 satisfied customers
I had an NOL situation with my personal finance due to a bad
I had an NOL situation with my personal finance due to a bad investment in rental house. My CPA prepared that return for 2011 tax year and I filed in 2012. I wanted to carry forward the losses as that… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
We had a casualty loss ($311,392.00 - main home) in a federally
We had a casualty loss ($311,392.00 - main home) in a federally declared disaster (KY-FEMA-DR 1976) in 2011 that exceeded our income. We claimed it on our 2011 taxes, but have a Net operating loss of … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 satisfied customers
I had an operating loss for my real estate business of 45,000
I had an operating loss for my real estate business of 45,000 in 2010. I filed timely. For 2011, I had a 401K withdrawl that has pushed my income way up. I have extended my filing to oct 1 to figure o… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
451 satisfied customers
On my 2010 return, I had a net loss. I disposed of a rental
On my 2010 return, I had a net loss. I disposed of a rental property at a large enough loss, that along with accumulated passive losses gave me a negative AGI. I am trying to find out if that loss can… read more
Stephanie B.
Stephanie B.
Accountant
Master's Degree
451 satisfied customers
I opened a restaurant with 2 partners in 2010. The venture
I opened a restaurant with 2 partners in 2010. The venture failed 9 months later in 2011. I lost $ 100,000.00. I used proceeds from my 401K taken out in 2008. Can I deduct my loss from any of my past … read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I will have an nol on my personal taxes for tax year 2007 due
I will have an nol on my personal taxes for tax year 2007 due to casualty/theft. In April 2008, I had filed a request for an extension for filing my tax year 2007 taxes. I did not have sufficient inco… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
I was looking into filing amended tax returns for South Carolina
I was looking into filing amended tax returns for South Carolina to get the benefit of my NOL and find that NOL carry-backs are not allowed. I did a search to find out if NOLs could be carried forward… read more
William Ellis, CPA
William Ellis, CPA
Master's Degree
236 satisfied customers
I sold property in Virginia which had a federal tax taxable
I sold property in Virginia which had a federal tax taxable gain due to recapture of prior year losses on my federal return. Do I have to pay Virginia taxes on that recapture even though I never took … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x