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IRS Tax Question: I am not sure if this NOL is being
IRS Tax Question: I am not sure if this NOL is being calculated correctly. Specifically, I am not sure whether the mortgage interest and real estate interest (or charitable contributions) should be fa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Should I use a NOL corp carryback to get zero taxable income?
Do I have to use a NOL corporation carryback to completely reduce taxable income to zero? As it is, the taxable income is 20k, but the tax is zero, thanks to alternative minimum tax and genera busines… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
As a real estate tax, I have a loss in 2014 of $13k. If I
as a real estate tax, I have a loss in 2014 of $13k. If I have to take all this loss in 2014, I will have a negative taxable income of (8,500). I would like to carryover 7.5K of this loss for 2015. I … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
NOL from 2013 carryback to 2011; husband deceased in 2012.
NOL from 2013 carryback to 2011; husband deceased in 2012. Since I can apply the NOL only to the wife's taxable income, there is no benefit to the carryback. Wife's taxable income, figured MFS, is zer… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
Estate had a business loss of $79,500 on its final 2013 1041
Estate had a business loss of $79,500 on its final 2013 1041 tax return. Sole beneficiary is the spouse. When the loss is transferred to spouse's 1040, this results in an NOL. Can the spouse's NOL the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
I am trying to carryback a 2013 NOL. My only sources of income
I am trying to carryback a 2013 NOL. My only sources of income are from my business which made money in 2011 and lost money this year and my rental real estate business, which had passive losses both … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
C Corp with BIG loss ending 6/30/13. How many years
C Corp with BIG loss period ending 6/30/13. How many years can the loss be carried back for Federal Income Taxes? State of California?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
I have a client that has a Net operating loss carryforward
I have a client that has a Net operating loss carryforward from 2010 to 2011 on their 1040 as a result of losses from an S-corp. Line 22 of the 2011 1040 shows a loss as well as line 37. What line do … read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
I am Trustee of a Trust where the parent has died in 2008.
I am Trustee of a Trust where the parent has died in 2008. In the Trust is a small rental property. I had a 2012 NOL for the rental in the amount of about $7000, primarily for refurbishing after a bad… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 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
560 satisfied customers
I had a large ponzi scheme theft loss deduction in 2011,
i had a large ponzi scheme theft loss deduction in 2011, filled out form4684 using revenue procedure code 2009-20. took the deduction on my schedule a line 28 and now i am trying to do form 1045. i ha… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a client who needs to amend his 2009 individual income
I have a client who needs to amend his 2009 individual income tax return which will result in an increased NOL. He previously filed Form 1045 to carry back his original NOL to 2005 after filing the ap… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
My 2009 AGI was Negative $31,000 due to a business loss from
My 2009 AGI was Negative $31,000 due to a business loss from my K1. How does this carry forward to 2010? The business ended all operations on 10/31/2009 and the K1 for 2009 was based on the Final Retu… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
984 satisfied customers
If you initially carried back 9/30/09 $1 Million of a
if you initially carried back 9/30/09 $1 Million of a corporation's NOL only two years and now want to carryback to the 3rd, 4th and 5th preceding tax years, what is the amount that should be carried … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
I have a loss of 61k on a schedule c business that i started
I have a loss of 61k on a schedule c business that i started in 2009. I have a large outstanding tax debt in 2008 from cashing in ira's. i understand that i can take that loss to a previous year. The … read more
BK-CPA
BK-CPA
Certified Public Accountant (CPA)
Bachelor's Degree
933 satisfied customers
Im renting a room in the Condo that I own and live in. Im
I'm renting a room in the Condo that I own and live in. I'm reporting it on Sch.E. I'm not a real estate Pro. I probably qualify as actively participating and selected that. This is the first year I'v… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
Hello Rubin, I have read your response the the NOL carryback
Hello Rubin, I have read your response the the NOL carryback written about 1 year ago (to the day almost). It was very informative. Again I have an NOL for Individuals question. I have also read the 5… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
AMT NOL question. I have a large casualty loss deduction of
AMT NOL question. I have a large casualty loss deduction of about $1,000,000 exceeding my yearly income of $300,000: will the NOL amount (for carryover) be different under the AMT from the regular NOL… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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