swacpa
Level 2
12-07-2019
07:41 AM
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Individual filed return late so missed election to carry loss forward only. Carrying loss back generates no tax benefit or additional tax due. do you think you need to file the amended returns to show that to the IRS and do you feel the amended returns are not needed and you can carry the loss forward? Preparing the amended returns show no loss will be used and it all will be carried forward.
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George4Tacks
Level 15
12-07-2019
07:41 AM
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"generates no tax benefit or additional tax due" - Is any of the NOL absorbed?
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
swacpa
Level 2
12-07-2019
07:41 AM
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no, none absorbed.
George4Tacks
Level 15
12-07-2019
07:42 AM
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I would not amend if neither of the two prior years absorbs any of the loss. Be sure to keep detailed documentation of all computations.
Here's wishing you many Happy Returns