schirallicpa Posted April 7, 2009 Report Share Posted April 7, 2009 Any farmer experts out this morning? I have a farmer client who - like most around here - has had loss after loss on his tax return. Until last year when he showed income. This year he has a loss again. So I'm thinking, good, I can carryback this loss and get last year's tax back. So, when I figure I just better double check those carryback rules - I discover that farmers can carryback 5 years. The question is - Do they have to go all the way back 5 years, and then 4, and then 3.........What a pain! Going back 2 is trouble enough. Afterall, the only significant income was in 2007. Just wondering if anyone knew for sure. My confusions stems from the fact that every thing I read said farmers "can" carryback 5 years, not "must" carryback 5 years. Is there some choice in how far to go back? Not worth researching too much at this point in the game. We can always do carrybacks next month! Appreciate anyone's input this morning! Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted April 7, 2009 Report Share Posted April 7, 2009 You could elect not to carryback only carryforward. Quote Link to comment Share on other sites More sharing options...
Bart Posted April 7, 2009 Report Share Posted April 7, 2009 Any farmer experts out this morning? I have a farmer client who - like most around here - has had loss after loss on his tax return. Until last year when he showed income. This year he has a loss again. So I'm thinking, good, I can carryback this loss and get last year's tax back. So, when I figure I just better double check those carryback rules - I discover that farmers can carryback 5 years. The question is - Do they have to go all the way back 5 years, and then 4, and then 3.........What a pain! Going back 2 is trouble enough. Afterall, the only significant income was in 2007. Just wondering if anyone knew for sure. My confusions stems from the fact that every thing I read said farmers "can" carryback 5 years, not "must" carryback 5 years. Is there some choice in how far to go back? Not worth researching too much at this point in the game. We can always do carrybacks next month! Appreciate anyone's input this morning! I think if you carryback, you have to go back five years and start working your way forward. Quote Link to comment Share on other sites More sharing options...
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