file tax return to carryover NOL?

Technical topics regarding tax preparation.
#1
Keyad22  
Posts:
1209
Joined:
13-Jun-2016 9:51am
Location:
Bay Area, California
Taxpayer has NOL from prior years and his 2019 interest income (TP's only income for 2019) below reporting threshold.

NOL is huge. Interest income is only several hundreds.

Does TP have to file 2019 tax return to carryover NOL?


Thank you,
 

#2
Keyad22  
Posts:
1209
Joined:
13-Jun-2016 9:51am
Location:
Bay Area, California
In another word, will taxpayer lose NOL carryover if no form 1040 filed for one or a couple of years?

Taxpayer may generate huge income in the future and offset NOL in the future. Never know what will happen.
 

#3
Posts:
1716
Joined:
28-Jul-2017 12:08pm
Location:
Somewhere out there...
Do not need to file to carry forward NOL. But filing makes sense to me from a tracking perspective...where’s the trail showing how much NOL was used by the interest income earned? How much additional NOL was generated? Etc...... also, with CARES act, does taxpayer have to look into carrybacks?
 


Return to Taxation



Who is online

Users browsing this forum: AlexCPA, dellpaul, Google [Bot], JoJoCPA and 66 guests