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I have a question regarding PAL losses. I mistakenly
I have a question regarding PAL losses. I mistakenly considered some sole proprietor business expenses as passive activity losses on my 2016 return, not realizing that a sole proprietor is actively pa… read more
Barbara
Barbara
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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
Principal
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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
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Bachelor's Degree Equivalent
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Should I use 465d or NOL carryfoward? I have a pizzeria (sch
Should I use 465d or NOL carryfoward? I have a pizzeria (sch C) that had a loss of 24,959 last year. It was allowed and was the only income on tax return. This year company has $14000 profit, I would … read more
emc011075
emc011075
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Bachelor's Degree
8,388 satisfied customers
I have a client who has a federal carryover worksheet but I
I have a client who has a federal carryover worksheet but I can't determine what it is for. How would I enter this into a new tax program... … read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
We have a NOL carryover on our federal income taxes. While I
We have a NOL carryover on our federal income taxes. While I was working on our taxes this week, I noticed an error was made in 2013, 2014 and 2015 in the calculation of the NOL carryover. I neglected… read more
PDtax
PDtax
Owner
Master's Degree
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1045 and an amended tax return. 2015 tax return had a $ 248K
1045 and an amended tax return.2015 tax return had a $ 248K NOL. I prepared the 2015 tax return and a 1045 to carryback the loss back two years. All of the loss was used up on the 1045.In preparing th… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
Tax Experts NOL carryover and 2014 was a loss year with NOL
Tax Experts NOL carryover and AMT2014 was a loss year with NOL (372,136) 2015 AGI before NOL was 84,770 (NOL used $72,170) 2016 AGI before NOL $277,513 (NOL carried over and available for 2016 is $299… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
I have a question regarding casualty losses. Status: Married
I have a question regarding casualty losses.Status: Married filing jointly. State: TexasIn 2015, our combined taxable income was $146,811.In August of that year, we had a fire that destroyed a 3400 sq… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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Georgia individual income tax law NOL of 2008 carried
Georgia individual income tax law NOL of 2008 carried forward. We used to own a construction company, in order to finance new house construction we obtained construction loans from banks, used our cre… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
A taxpayer has a net operating loss of 48k on his 2014 Form
A taxpayer has a net operating loss of 48k on his 2014 Form 1040. He forgets to elect not to carry it back. He is going to be filing his 2015 Form 1040 on Monday. Should he amend his 2014 return to in… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Carryover of trust tax losses to sole beneficiary of trust
Carryover of trust tax losses to sole beneficiary of trust in year trust wound up and assets distributed to sole beneficiary… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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If a single taxpayer with a net operating loss carryover
If a single taxpayer with a net operating loss carryover marries, is the net operating loss carryover available for future jointly filed income tax returns?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I had a 1231 non recaptured 1231 loss that was suppose to be
I had a 1231 non recaptured 1231 loss that was suppose to be carried over to 2010 but wasn't. Can I amend the 2010 taxes to include that loss and carry it forward to futurrent tax year?… read more
Lev
Lev
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Bachelor's Degree Equivalent
34,029 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
2,950 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
Tax Advisor
Bachelor's Degree Equivalent
34,029 satisfied customers
Hi, My client had a NOL from his 2007 K1 of -$53,343.00
Hi, My client had a NOL from his 2007 K1 of -$53,343.00 His At Risk Adjustment and Allowable Loss was -$2,099.00 On his 2008 return I do not see a NOL Carry Over or an At Risk Worksheet. Can I continu… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
1,732 satisfied customers
WHAT ARE THE CALIFORNIA DOLLAR AND TIME LIMITS FOR A NET OPERATING
WHAT ARE THE CALIFORNIA DOLLAR AND TIME LIMITS FOR A NET OPERATING LOSS CARRYOVER? MY LOSSES ARE CORPORATE FROM 1995 THRU 20020 AND I NEED TO KNOW WHAT IS AVAILABLE FOR MY 2009 CORPORATE INCOME TAX RE… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
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