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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Last year I sustained a large loss due to flood. No

Customer Question

Last year I sustained a large loss due to flood. No insurance. I deducted what as allowed but there is still 15k carryover-is that deductible??
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.

The amount is not deductible all at once. The 15k carryover will create a NOL (Net Operating Loss) that can either be carried back 2 years or carried forward for up to twenty years.

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NOLs:

Refer to the following IRS link for more detailed information regarding NOLs.

https://www.irs.gov/publications/p536/ar02.html

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