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I have questions about how to reconcile two NOL years
Hello, I have questions about how to reconcile two NOL years against one year with the Application for Tentative Refund for 1045. … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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I have not had any earned income this year (W-2) but expect
I have not had any earned income this year (W-2) but expect a net operating loss from a rental property and have incurred NOL both in 2018 and 2019 from the same property. I'm very likely to have to w… read more
Carter McBride
Carter McBride
LLM
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I amended 2014 1040 from incurring a nol in 2016. Now under
I amended 2014 1040 from incurring a nol in 2016. Now under Cares act we can carry 2018-2020 nol back 5 years. I incurred a NOL in 2019 so does this mean that I can amend 2014 10x one more time? … read more
Carter McBride
Carter McBride
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Question on NOL Carryback NOL created in 2019 - we want to
Question on NOL Carryback NOL created in 2019 - we want to fill out Form 1045 to take the NOL back 5 years. The NOL resulted from allocation of loss on the K1 from being an S corp shareholder. The ind… read more
Carter McBride
Carter McBride
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I filed a loss (negative AGI) in 2016,17. I'd like to offset
Hi, I filed a loss (negative AGI) in 2016,17. I'd like to offset my earnings this year. I file using turbotax. I hear I can only apply losses going back, but that's new to me and it's already 2019. Wh… read more
Carter McBride
Carter McBride
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Not sure. I am curious about a used truck purchase for the
Not sure. I am curious about a used truck purchase for the business and under schedule c... the truck is used and over 6k GVW … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Thank you for helping me out. I read the instruction for
Hi James, thank you for helping me out. I read the instruction for form 1045. it says to carryforward, I should file to waive carryback. As I passed the date for filing to waive carryback, does this m… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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I hav a client who has a nol of 755,000 in 2017 and I want
I hav a client who has a nol of 755,000 in 2017 and I want to compute the alternate tax net operating los deduction for line 11 of form 6251 for a carry back loss to 2016 … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,382 satisfied customers
Tax Question: Doing amended returns, is it better to do form
Tax Question: Doing amended returns, is it better to do form 1045? How does that work? There's an NOL from 2017 that needs to be applied to 2015. What are the advantages and disadvantages.… read more
PDtax
PDtax
Owner
Master's Degree
5,651 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
7,885 satisfied customers
How to apply the 3-year rule when a NOL was rejected?
I filed a form 1045 (NOL) with the IRS but it was rejected. How can I apply the 3-year rule? I want to use my NOL going back to 3 years as I operated a single member LLC. How do I tell the IRS this in… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,037 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
Charles Markham
Charles Markham
Principal
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My daughter had a partnership that was dissolved in 2014.
Customer: ***** *****, My daughter had a partnership that was dissolved in 2014. She had a huge loss on her K1 that year. She was a 51% general partnet. The loss was from 3 bakeries that she had opera… read more
Mark D
Mark D
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A person has an NOL generated in 2014. This NOL can be
A person has an NOL generated in 2014. This NOL can be carried back to tax year 2011. The issue is that tax year 2011 was audited and we are waiting to see if it will be reconsidered. If so, there is … read more
Stephen G.
Stephen G.
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Bachelor's Degree
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2014 i have a NOL in my sole proprietorship. How do i amend
2014 i have a NOL in my sole proprietorship. How do i amend 2012 return to carry back the NOL?… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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PDtax, You may recall that I just filed a 2012 NY Form
HiCustomer You may recall that I just filed a 2012 NY Form CT-3 for a Fed S Corp and reported a Net Operating Loss. Now I am filing the 2013 NY Form CT-3. The 2013 FTI is far in excess of $10,000. A r… read more
PDtax
PDtax
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Master's Degree
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I have NOL in 2011 that I have to carry back to 2009 I have
I have NOL in 2011 that I have to carry back to 2009 I have questions about filling forms 1045 and 6251(AMT)… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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The company I work with had a 12-31-07 Retained Earnings Balance
The company I work with had a 12-31-07 Retained Earnings Balance of (887,772) then posted a 2008 loss of 77,812. These accumulated losses represent a "Net Operating Loss" of approximately 964K as of 1… read more
JKCPA
JKCPA
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