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No, it expires at death. Case law has allowed surviving spouse a portion of NOL if they actively participated in the business. I don't know if its required but would fie regardless so it is on IRS records.

I started one last night that'd been angry that it wasn't completed yet. She's SE and artistic. But she usually gives me a stack of 1099s and a messy spreadsheet of expenses. This year, one 1099 for $500 and nothing else, not even car tax or a Goodwill receipt. I wrote her before I slept with a long list of her usual clients and expense categories from last year, and told her today or I prepare in November. She wrote this morning that she signed our engagement letter, but she didn't send it to me. Nothing else. She will rant for a month when I can't complete her returns. I'll brace myself. By the way, she sent me the one above (that one I charge a LOT). So, I'll probably lose both of them after spending time on both of them -- but next year will be more pleasant.

Down south, we say, "Hold my beer and watch THIS $h**!" I'm straight up stealing "DOG FIGHT" when I need to get off the phone! LOL

These are always hilarious.

If it helps, I had one client that saved all the paperwork including one EIP that came on plastic. It seems very clear to me that it was from the U.S. government and what it was for. From some of what I blacked out though, I believe this client received this in June 2020, so maybe there was more awareness that payments were being made on plastic by then whereas recipients earlier on may not have realized that.