WITAXLADY Posted October 3, 2022 Report Share Posted October 3, 2022 Client has 26 rentals that he takes care of himself - has a NOL of $183,000 CF Profit of $169,000 on Sch E, loss of -25,000 on a Sch C, pension of $27,000 and soc sec - $16,000, -0- taxable, giving other income of -45,000 from Sch 1 page 1, taxable income of -14,000 AMT -instead of a $10,000 refund, he owes $9,000 All depreciation written off with Safe Harbor that can be. The QBIC does not kick in as it shows negative income on page 1 Am I missing something? Thought the NOL would wipe put his profits this year. And then what happens to the NOL if he has to pay? Is not used? Could he or should he be a real estate professional? Does that help at all? He had a profit of $73,000 last year. Thank you for any help. D from God's country - NC WI! Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted October 3, 2022 Report Share Posted October 3, 2022 It has been a while since I have had one of these. Does the NOL he is carrying forward contain any preference items? I think that it may have to be adjusted for any preference items but then is entered on the 6251 as a deduction and can be used to reduce his income. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted October 3, 2022 Report Share Posted October 3, 2022 Does client have an NOL CF for AMT? If so, and especially if a new client, is that entered properly in ATX? 2 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted October 4, 2022 Author Report Share Posted October 4, 2022 thank you - that occurred to me today.. Quote Link to comment Share on other sites More sharing options...
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