Hahn1040 Posted April 21, 2009 Report Share Posted April 21, 2009 I generally try to avoid NOLs, but I think I have one here...but I may be off track... Elderly t/p sold home in 2007 resulting in $260,000+ taxable gain (purchased home in DC area in 1955; lived in it 35+ years after husband died so his stepped up basis from 1971 didn't help much towards her basis) lived independently all of 2007; standard deduction. Nursing home in 2008; $60,000 medical expenses. Investment income plus taxable ss= $23,000 AGI Net is $42,767 NOL does this qualify for NOL to carryback? 2006 she had no tax- 2007 tax $38,131 Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted April 21, 2009 Report Share Posted April 21, 2009 NOL kicks in only for business or rentals, not personal expenses. taxbilly Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 21, 2009 Report Share Posted April 21, 2009 When you enter the itemized or standard deduction on line 6 of the worksheet, your NOL will go away. Quote Link to comment Share on other sites More sharing options...
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