ANSWERS: 1
  • NOL carryforward: you have to make the election in the year you have the loss. If you did not do this then you have to go backwards before you can go forward. But if you did make the election to not carryback, then the remaining loss unused can be then used to offset business income in the next year. It applies only to business income (salary, rental property etc). Also if you file a Schedule A and you income was already at zero after the loss, you cannot reuse the Schedule A deductions nor the standard deduction even if your received no benefit because those items are considered non-business and hence personal.

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