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do you have to file to carryforward a nol


WITAXLADY

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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.

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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.

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