ILLMAS Posted December 8, 2014 Report Share Posted December 8, 2014 1040NR (Rental Property) TP is behind two years filing his tax return (2012 & 2013), basically he has not filed by the due date (including extensions of time), what are the chances they will accept the election? Or should he just wait until he files his 2014 and make the election timely? Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted December 9, 2014 Report Share Posted December 9, 2014 It can only be elected on a timely-filed return, so he will have to carry back the loss from those two years. If he has another loss in 2014, he can elect to forgo the carry back on that year's loss but that will have no effect on the two older years. Quote Link to comment Share on other sites More sharing options...
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