Discussion:Sole proprietor NOL?
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
(Difference between revisions)
| Revision as of 00:32, 30 August 2006 Riley2 (Talk | contribs) (There is no NOL) ← Previous diff |
Revision as of 01:46, 30 August 2006 Scot1 (Talk | contribs) (Work through Sch) Next diff → |
||
| Line 8: | Line 8: | ||
| {{ForumReplyPost|UserID=Riley2|Date=30 August 2006|Text=There is no NOL here.}} | {{ForumReplyPost|UserID=Riley2|Date=30 August 2006|Text=There is no NOL here.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Scot1|Date=30 August 2006|Text=Work through Schedule A of Form 1045....you'll see, as Riley stated, there is no NOL.}} | ||
Revision as of 01:46, 30 August 2006
Discussion Forum Index --> Tax Questions --> Sole proprietor NOL?
| 30 August 2006 | |
| My client has a $32,000 Schedule C loss for 2005, although his total 2005 1040 income, after itemized deductions,before exemptions is positive (negative after exemptions).
For 2006, his Schedule C income will be around $200,000. Is there any way to carry forward the $32,000 Schedule C loss to 2006, even though the 1040 taxable income before exemptions is positive? | |
| 30 August 2006 | |
| Work through Schedule A of Form 1045....you'll see, as Riley stated, there is no NOL. | |
