Jump to content
ATX Community

do you have to file to carryforward a nol


WITAXLADY
 Share

Recommended Posts

Client only have social security and a huge nol - to carry it forward does a tax return need to be filed every year?

Numbers never change as do not need/use any of it.

Will use when sell land

 

Now will this carry to their estate? I seem to remember no

Thx D

 

Link to comment
Share on other sites

13 hours ago, WITAXLADY said:

will this carry to their estate

No, it expires at death.  Case law has allowed surviving spouse a portion of NOL if they actively participated in the business.

 

13 hours ago, WITAXLADY said:

huge nol - to carry it forward does a tax return need to be filed every year

I don't know if its required but would fie regardless so it is on IRS records.

  • Like 5
Link to comment
Share on other sites

Many times, I've corrected carryover amounts internally and not filed an amended return, if the tax didn't change, and the IRS has never inquired. Every year is a separate bucket with the IRS and they do not verify carryover items. They're just not that sophisticated, and they may never be that sophisticated.

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...