Discussion:Eligible Small Business
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Eligible Small Business
Discussion Forum Index --> Tax Questions --> Eligible Small Business
| 6 May 2009 | |
| Would the loss from Residential Rental property be considered an eligible small business for the NOL carryback rules? I'm pretty sure the answer is yes, but I couldn't find a definitive answer anywhere. | |
| 6 May 2009 | |
| This topic has been discussed many time before. He's a discussion on point. Type in the yellow box to the left "Large allowable schedue E losses w/barely any other Income" Note this is a Sched E discussion. | |
| 6 May 2009 | |
| Thanks for the response. I did honestly look before posting this. I think I just searched for everything except Sch. E losses. Thanks again! | |
Harry Boscoe (talk|edits) said: | 6 May 2009 |
| So I searched for the phrase you suggested and the only discussion that it pulled up is the one that we are in now. And then I corrected the spelling of "schedule" and did the search again, same result. Then I tried also putting a space between "w/" and "barely" and got some results. Definitely a learning experience for me...
How did you make out, Apptax? | |
Death&Taxes (talk|edits) said: | 6 May 2009 |
| Discussion: Large allowable schedue E losses w/barely any other Income And I tried this using the discussion fences and this is what I got. | |
Harry Boscoe (talk|edits) said: | 6 May 2009 |
| Apptax, are you trying to find out about whether you have business loss from the rental or are you wondering about qualifying as a "eligible small"? | |
- FYI: Discussion:Large allowable Schedule E losses w/ barely any other income is the discussion Jctmstx was trying to refer to.
| 8 October 2009 | |
| I am wondering if residential rental property qualifies as a "eligible small business" for the current NOL rules. It states that the term “small business” means a corporation or partnership which meets the gross receipts test of section 448(c) for the taxable year in which the loss arose (or, in the case of a sole proprietorship, which would meet such test if such proprietorship were a corporation)
Residential real estate could be a partnership or corp. Does this mean it qualifies, not sure. Basically any trade or business can be considered a ESB if they meet the requirements - 3 year average gross receipts less than 15 million. No clear answer on whether rental activities on schedule are considered sole proprietorship. Any help would be greatly appreciated. Nate | |
To join in on this discussion, you must first
log in.
