Discussion:Passive Loss Carryovers Unfiled Returns

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Discussion Forum Index --> Advanced Tax Questions --> Passive Loss Carryovers Unfiled Returns
Discussion Forum Index --> Tax Questions --> Passive Loss Carryovers Unfiled Returns

Debenz (talk|edits) said:

5 May 2009

Background:

A Taxpayer has not filed tax returns for several years - in this case about ten - No amounts are due with the returns and the statute has expired on many of the returns with respect to refunds

There is no reason to file many of the prior years except for the fact that the Taxpayer has passive loss carryovers (from rental properties) that can be used going forward -

Question:

Do you have to file the prior years tax returns to carry the losses forward or can you calculate the losses and pick up the loss carryforward on the current years returns

RoyDaleOne (talk\|edits) said:	5 May 2009
You can pick up the loss carryforward.

Debenz (talk\|edits) said:	5 May 2009
Thanks do you have a source for that - Just wondering

RoyDaleOne (talk\|edits) said:	6 May 2009
Sure... the current year should be accurately prepared, that includes any carryforward information, otherwise the return would be inaccurate. One could research the restatement of a prior year that is closed to correctly determine the proper carryover items.