Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- NYC NOLD - UTBP
NYC NOLD - UTBP
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Michael1000
Level 2
09-03-2021
12:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
NYC Property with NOL carryforwards of 5 years carried forward a $20,000,000 NOL in year 5 for 4 of our clients when there were 5 years of NOLs . It technically doesn't matter for real estate since they are exempt from UBT tax but it's a problem nonetheless. For another client a 2019 NOL was entered in the NYC NOL screen in year 1 based on a diagnostic about the current NOL needing to be entered in the NOL screen, the 2019 NOL input carried forward and Lacerte carried forward the 2019 NOL since it added the automatic carry forward feature between 2019 and 2020 - the result is that there are two identical NOL carryforwards of the 2019 carryforward, one in year 1 and the same in year 2 of the NOL carryforward grid.
Labels
