WITAXLADY Posted October 9, 2021 Report Share Posted October 9, 2021 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 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted October 9, 2021 Report Share Posted October 9, 2021 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. 5 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted October 12, 2021 Author Report Share Posted October 12, 2021 Thank you - that is what I have been doing.. D Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted October 12, 2021 Report Share Posted October 12, 2021 I file em to keep alive NOL's and CG losses to move forward. You never know when you might need one. 2 Quote Link to comment Share on other sites More sharing options...
Catherine Posted October 13, 2021 Report Share Posted October 13, 2021 When in doubt, I tend strongly to file. 4 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted October 14, 2021 Report Share Posted October 14, 2021 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. 1 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted October 14, 2021 Report Share Posted October 14, 2021 1 hour ago, Abby Normal said: IRS and they do not verify carryover items. Agree with that. However if a return is filed, a future tax preparer can at least get a transcript and find out what went into the bucket. 2 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.