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Tax client is wanting to file 2012-2017 to get caught up.
Tax client is wanting to file 2012-2017 to get caught up.Has a gain in 2012 that causes a tax bill. Has NOLs in 2014 & 2016. Since he's filing so late, can he still carry those losses back to 2012?… read more
Dan Knierim
Dan Knierim
Master of Science in Accounting & Taxationb
111 satisfied customers
IRS tax question: What happens if there is a disaster
IRS tax question:What happens if there is a disaster casualty loss in 2017 and the client wants to carry back. It's my understanding that you have to do 3 years. They were married in 2014 and for divo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,431 satisfied customers
Can I carryback a nol for a deceased taxpayer. My client
My client died last year. Their rental property created a nol. there is no future income so there is nothing to carry it forward to. so I thought about carrying back to 2015. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
Decedent died in 2009. Reverse mtg was paid in full by
Decedent died in 2009. Reverse mtg was paid in full by estate in 2014. The estate also manages an apt building with profit of $30k in 2014. The reverse mtg interest was $80k. What happens to the exces… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 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
2,339 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
6,635 satisfied customers
Please advise..... Taxpayer had a NOL in 2013, but did not
Please advise..... Taxpayer had a NOL in 2013, but did not take the carryback for 2011 and 2012, nor did he elect to waive the carryback. This issue is being identified now, when preparing the 2014 ta… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
I have a tax issue fron 2012 thats challengin me; I have an
I have a tax issue fron 2012 thats challengin me; I have an adjusted income of just over $20,000 and I have a $41,850 mortgage interest deduction that was accomplished with a loan made to me from my f… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 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
13,586 satisfied customers
Lev, I am reviewing a new client's 2013 tax return.
Hi Lev, I am reviewing a new client's 2013 tax return. I have been doing taxes for a little over two years, but there are some basic concepts that I need to get down. I am hoping this case will help. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
I am filing my 2014 taxes soon. I need to file a NOL carryback
I am filing my 2014 taxes soon. I need to file a NOL carryback but the only year that can be amended is 2011.... Can I amend my 2011? It looks like I can but there is a part that says "3 years back or… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
Can I file a 1045 in the next few days for NOL carryback for
Can I file a 1045 in the next few days for NOL carryback for tax year 2013, and carry this back to 2012 and 2011, or did the deadline pass yesterday… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
I am a tax preparer in Newark, CA and I am preparing a return
I am a tax preparer in Newark, CA and I am preparing a return with an NOL. My client had an NOL of 186,706 in 2013, he carried back 172,957 to 2011 leaving 13,749 to carry forward or back to 2012.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
Line 22 of the 1041 shows a negative figure - NOL. Must I
Line 22 of the 1041 shows a negative figure - NOL. Must I go back to deccendents previous years or can I distribute that amount equally on the K-1?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 satisfied customers
I am an American citizen and moved to Germany in late Feb.
I am an American citizen and moved to Germany in late Feb. 2012 to work for a German airline. My wife who is a German citizen (with US green card) moved with me at the same time - she did not work in … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 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
34,265 satisfied customers
Sub-S Corp. Home-builders. Customer didnt pay final invoice
Sub-S Corp. Home-builders. Customer didn't pay final invoice of $300,000+ We were in court seven years. We invoiced the customer monthly a finance charge. We use the accrual method of accounting so in… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,265 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
1,164 satisfied customers
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