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On line 41 of my 2014 1040 it shows -$19,843. Is this my net
On line 41 of my 2014 1040 it shows -$19,843. Is this my net operating loss? I need to prepare a 1040x to amend my 2015 tax return and carry forward my NOL from 2014, yet I'm very confused about deter… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,468 satisfied customers
I have (87,096) NOL from 2014 that I'm carrying back to
I have (87,096) NOL from 2014 that I'm carrying back to 2012. The NOL came about from the sale of rental real estate at a loss. When the NOL is carried back to 2012, it releases a suspended rental los… read more
Tax.appeal.168
Tax.appeal.168
Principal
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I haven't filed returns since 2013. In 2012, I have AGI of
Hello: I haven't filed returns since 2013. In 2012, I have AGI of $1,412,78. In 2013 (filed) I had AGI of $431,870. In 2In 2014, I had AGI of -$164,881 (including a loss of $177,233 on a rental home).… read more
Mark Taylor
Mark Taylor
Certified Public Accountant (CPA)
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I am working on 2015 tax return !! In 2015 i sold a passive
I am working on 2015 tax return !! In 2015 i sold a passive activity rental property at a significant loss !! How and with what form(s) do I declare it on my 1040 ? I also understand that the loss can… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,468 satisfied customers
Oh, I had a loss from a sale of a business in 2015 and my
I had a loss from a sale of a business in 2015 and my total income was negative 80,144 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,468 satisfied customers
I have an S Corporation that had a large net loss in 2015,
I have an S Corporation that had a large net loss in 2015, and income in 2016. Can I carryforward the net loss into my 2016 personal tax return? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 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 (CPA)
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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 (CPA)
2,442 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
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
Live by turbotax, die by turbotax. I had a yuuuge NOL last
Live by turbotax, die by turbotax. I had a yuuuge NOL last year (2014). $-82304 less personal deduction of $19628 leaves $-62676. I filed electronically using turbotax, and I don't recall if it waived… read more
TaxWhisperer
TaxWhisperer
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Master's Degree
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I'm completing my son's 1040 year, but have a NOL to carry
I'm completing my son's 1040 for this year, but have a NOL to carry forward from line 21 of his 2014 return. I'm trying to complete Table 1 worksheet from Pub. 536, but it's not making sense. … read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
I HAVE A LARGE LOSS CARRY FORWARD FROM MY Sub S corp. from
i HAVE A LARGE LOSS CARRY FORWARD FROM MY Sub S corp. from 2012 that i am carrying forward from 2013 that was not all used. How do I show that on my 2014 ? Do I provide a K-1 showing the loss that is … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 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
Retired
Bachelor's Degree Equivalent
27,468 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
27,468 satisfied customers
I am a mortgage loan originator. I am currently working with
I am a mortgage loan originator. I am currently working with a client who has 25% ownership in an scorp. The company experienced a $160k loss last year. My client's k-1 $40k loss was not filed on his … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
49 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
1,328 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
Retired
Bachelor's Degree Equivalent
27,468 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
451 satisfied customers
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