TAXMAN Posted February 8, 2022 Report Share Posted February 8, 2022 Have form 1041.(NOT FINAL) Income of int and dividends total 900. State tax paid from previous year 10k, attorney fee 1500. bond fee 3600 exemption 600 giving me taxable income -14800. This will not be the final 1041. Question is do I have a NOL. I am having a hard time on this one simple as it may be. Quote Link to comment Share on other sites More sharing options...
Sara EA Posted February 8, 2022 Report Share Posted February 8, 2022 No. An estate can have an NOL only if it is conducting a business and has business deductions in excess of business income. Your estate's expenses in excess of income will carry over until the final year of the estate, then pass through to the beneficiaries not as an NOL but as excess deductions on termination (which are now an above the line deduction instead of the old itemized deduction subject to 2%.) 3 Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted February 8, 2022 Author Report Share Posted February 8, 2022 Thank you. I thought so but my old mine did not want to comprehend this. 1 Quote Link to comment Share on other sites More sharing options...
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