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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
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The tax software generated a sheet called ---NOL worksheet
The tax software generated a sheet called ---NOL worksheet File Copy Only, Do not Mail --- which is called form 1045 and under it it says schedule A-NOL. At the bottom, Line 25 it gives the same amoun… read more
James Daloisio
James Daloisio
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Doctoral Degree
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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
14,896 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
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Masters
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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
Masters
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I calculated a NOL on Form 1045 and sent an application fro
I calculated a NOL for 2015 on Form 1045 and sent an application fro tentative refund on 4/18/2016. On my 2015 Form 1040 I included an election statementto forego the carryback period for NOL for taxa… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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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
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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
14,896 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
1 satisfied customers
A client of mine has a carryback loss derived from a casualty
A client of mine has a carryback loss derived from a casualty loss which was declared a federal disaster. I understand that normally NOLs are carried back 2 years but a casualty loss carryback is elig… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I had a NOL in 2010, I didnt file a form to carry it back.
I had a NOL in 2010, I didn't file a form to carry it back. And I forgot to report it on my 2012 tax return. Can amend my 2012 return or should i just skip it and report the carry forward loss on my 2… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
abci168
abci168
Principal
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Hi...I have a new question for you. I have itemized Schedule
Hi...I have a new question for you. I have itemized Schedule A due to theft/casualty/calamity. It is way more than I owe in taxes...How do I make it carry over for future years on my 1040… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 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.
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Master's Degree
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Hi, I started a business in 2008. We filled 1040. In 2008,
Hi, I started a business in 2008. We filled 1040. In 2008, we have a big profit. Also joint income against w-2. In 2009, we have loss that we claimed. In 2010 and 2011, we have big losses. We have not… read more
LEV
LEV
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If a 1040 tax return shows line 22 (TOTAL INCOME) as negative
If a 1040 tax return shows line 22 (TOTAL INCOME) as negative (due to a Schedule F - Farming Loss), can that loss be carried forward to the next year? If so, it is as simple as attaching an election s… read more
Robin D.
Robin D.
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what is the statute of limitation for loss carryover for an
what is the statute of limitation for loss carryover for an income tax return? and did i have to write a letter asking the irs to apply it to the future?… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
Im renting a room in the Condo that I own and live in. Im
I'm renting a room in the Condo that I own and live in. I'm reporting it on Sch.E. I'm not a real estate Pro. I probably qualify as actively participating and selected that. This is the first year I'v… read more
Dr Arthur Rubin
Dr Arthur Rubin
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