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I was married in 2016, me and my husband both filed married
Anything else you want the Accountant to know before I connect you?Customer: I was married in 2016, me and my husband both filed married filing separate. I had rental property that had a loss I could not take because on limitation. My husband had very little income he had three sch C and and five rental properties, he is a real estate professional. He had a NOL carryover of 66K and just paid in some SE Tax. I went in to amend the 2016 return and we are now getting a big refund like 15K due to his NOL, Is there a problem with doing this?… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
5,167 satisfied customers
I have serveral rental properties, and an overall passive
I have serveral rental properties, and an overall passive activity carry forward loss of $650k from 2017. This is basically related to properties B and C. I'm planning on selling property A at a $700k… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Can I amend my 2014 tax to include announcing to carry
Can I amend my 2014 tax to include announcing to carry forward an NOL from that year? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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I am an individual in an unfortunate and unique tax
I am an individual in an unfortunate and unique tax circumstance. The situation can be described as being a wishful thinker for success and having an utter fear of tax inequality and maltreatment from… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
Stephen,I have an NOL filing question. I have a single
Hi Stephen,I have an NOL filing question. I have a single member LLC who files a ;Schedule C. He has an NOL in 2013 and 2014. I know time has lapsed for filing a 2013 loss carryback. So I plan to file… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
A person has an NOL generated in 2014. This NOL can be
A person has an NOL generated in 2014. This NOL can be carried back to tax year 2011. The issue is that tax year 2011 was audited and we are waiting to see if it will be reconsidered. If so, there is … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 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
30,464 satisfied customers
My client became a US resident in 2013. He reported an NOL
My client became a US resident in 2013. He reported an NOL for 2013 from his Mexican income. He also had NOL for 2012. On his 2014 Mexican return he had income. Most of it was absorbed by his NOLs fro… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Have an NOL of $26,875. If I carryback the loss to
Have an NOL for 2014 of $26,875. If I carryback the loss to 2012 - it will have no tax effect because although Adjusted gross income is $50,786, taxable income after itemized deductions and exemptions… read more
PDtax
PDtax
Owner
Master's Degree
9,538 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
30,464 satisfied customers
In 2014, an there is an NOL because there is $25,000 in
In 2014, an there is an NOL because there is $25,000 in rental losses and not much other income producing a $23,084 NOL (let's assume my calculation is correct because my question has nothing to do wi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
How far back can I amend my corporate tax? I forgot to carry
How far back can I amend my corporate tax? I forgot to carry over my 2011 losses and I don't need to carry back, do I have to? I need help completing it… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Question about NOL Carryback: I have a 2010 NOL that I understand
Question about NOL Carryback: I have a 2010 NOL that I understand is to be carried back 2 years to 2008 and 2009. Carrying back the NOL to 2008 has no impact to the 2008 tax year. While the tax does d… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I filed form 4797 in 2012 and it carried a loss to line 14
I filed form 4797 in 2012 and it carried a loss to line 14 of my 1040 greater than my income. I appear to have a NOL, but do not know how to carry back the loss to previous years or carry it forward. … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
5,167 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
2,944 satisfied customers
I plan to sell my rental property with $112k expected capital
I plan to sell my rental property with $112k expected capital gain. For the same property, I have $56k net loss carryforward. Can I offset the $56k carryforward against the capital gain of $112k? If s… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,940 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
560 satisfied customers
This is regarding a NOL carry-back. In the carry-back year,
This is regarding a NOL carry-back. In the carry-back year, does the AMT get triggered by adding the NOL back in?… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
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