Discussion:NOL carryover/back
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Discussion Forum Index --> Basic Tax Questions --> NOL carryover/back
Discussion Forum Index --> Tax Questions --> NOL carryover/back
| 22 May 2008 | |
| If a taxpayer elects to waive the carryback period for an NOL and it creates an NOL the next year can that NOL be carried back? I haven't found anything to the contrary but it seems a little strange to my post tax season mind. I am getting hung up on the fact that we are basically carrying back an NOL that we elected not to?
Example: 20k NOL in 2006, carryback wavied, creates a 15k nol in 2007 which is carried back to 2005. So basically the 2006 NOL is being carried back even after the election was filed not too? Maybe I should have started my weekend a couple days sooner. | |
| 22 May 2008 | |
| The 2006 NOL can only be utilized in 2007 to the extent of taxable income. It can't create an NOL for the subsequent year. | |
| 23 May 2008 | |
| Thanks Derek I appreciate the response. Things are much clearer, it turns out the NOL that is available for carryback was generated by 2007 losses and the 2006 NOL is being carried forward to 2008. They were close to the same amount so I got them confused. When things don't seem right it always helps to ask and work it with pencil and paper.
Thanks again. | |
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