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Have a carryforward NOL -2,313 from 2016. In 2017 There was
Have a carryforward NOL -2,313 from 2016. In 2017 There was a profit of $4,400. Can the carryforward be applied on line 21 of the 1040?… read more
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I have a 2017 self employed client with a NOL. 1. Can I
I have a 2017 self employed client with a NOL. 1. Can I apply the carry back to just their 2016 return. 2. When is it better to file 1045? 3. Is it more thorough to submit an amendment/ 1040X? Their 2… read more
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I have a new client who has a Sub S. For 2016 the Sub s was
I have a new client who has a Sub S. For 2016 the Sub s was filed on schedule C. If I file an 1120s for 2017, will that cause a problem for 2016. … read more
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A dental practice is a Personal Service C corporation with a
A dental practice is a Personal Service C corporation with a calendar year end. It has a taxable loss on line 28 of its 2016 From 1120. Form 1139 is not filed to carry back the loss & they also forget… read more
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Had a S corp business in 2016, sold in feb 2017, taxes not
had a S corp business in 2016 , sold in feb 2017, taxes not filed for 2016, 2017. The owner in 2016 is responsible for filing 2016 taxes . Question 1_ Now we are filing taxes for 2016 ( late) who shou… read more
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Lev
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I have a C-Corporation started in 2010. I have never filed a
I have a C-Corporation started in 2010. I have never filed a tax return on the business. Can I file from 2010 to current and carry forward losses into the years that have profits now? I.e. 2010-2015 h… read more
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Can you file an amended 1120S for a casualty loss from a
Can you file an amended 1120S for a casualty loss from a national disaster area (2016 for 2017 Harvey loss)?… read more
Lane
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We dissolved an Illinois C-corporation in April 2016 and
We dissolved an Illinois C-corporation in April 2016 and filed a final US IRS-1120 tax return for tax year 2016. The corporation left around $200,000.00 of net operating loss carry-forwards on the tab… read more
PDtax
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I have a question about carryforwards and carrybacks on Form
I have a question about carryforwards and carrybacks on Form 1120 … read more
Carter McBride
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I'm preparing an amended 1120S for 2016 with casualty losses
I'm preparing an amended 1120S for 2016 with casualty losses related to Hurricane Harvey in 2017. Do I need to state a formal election to claim hurricane losses on the amended return? Is that done on … read more
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I miscatgorized the sale of a property in 2016 on which I
I miscatgorized the sale of a property in 2016 on which I took a loss as non-deductible... but it was a land sale and that loss should be deductible on carryforward basis. It would not have changed my… read more
Fred Rook
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I am the sole shareholder in a C Corp that has carry forward
i am the sole shareholder in a C Corp that has carry forward losses. my last corp tax filing was thru june 30, 2017 although operations ceased Dec 31, 2016. can these losses be applied to my personal … read more
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Can 1120 be marked as FINAL if bank account had a cash
Can 1120 be marked as FINAL if bank account had a cash balance on 12/31/2016 (the last day of the return). Can I show zero balances on schedule L of 1120 on 2016 return ending 12/31/2016 but bring ban… read more
Matthew Breecher
Matthew Breecher
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I have a question about losses on a rental property. My read
I have a question about losses on a rental property. My read of the instruations for f8582 indicates that I cannot take any loss as (most) all rental real estate activity is passive. Since I brought a… read more
Lev
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Tax loss carry forwards for a Chapter S Corporation. In
Tax loss carry forwards for a Chapter S Corporation. In 2013, the Corp made $ 13,718, in 2014 a loss of 66,452 and in 2015 a loss of 53,304. In the shareholder's returns, none of the losses were deduc… read more
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If I file a Corporate tax return (Form 1120) and the return
Hi, If I file a Corporate tax return (Form 1120) and the return shows losses. Do I need to file an additional Form in order to be able to carry the losses for future years? If not, how do I use the lo… read more
Mark Taylor
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Up until 2009 i was using accountants to do my annual US
Up until 2009 i was using accountants to do my annual US taxes. Since then I've been using Turbo Tax. I had $28K long term capital losses to carryforward in 2009 and have been carrying forward $3K per… read more
Mark Taylor
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corporation did not elect to have nol carry forward on one
corporation did not elect to have nol carry forward on one certain year in the past, how can it be carry over for the next 20 years p gen… read more
Tax.appeal.168
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