Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
largehorse
New Member

If I take my 2018 loss from hurricane Florence in 2017 how far back can I take my nol?

 
1 Reply
Coleen3
Intuit Alumni

If I take my 2018 loss from hurricane Florence in 2017 how far back can I take my nol?

As of 2017, with 2018 Tax Cuts and Jobs Act (TCJA), you can no longer carry back an NOL.

Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2017 can only be carried forward. The 2-year carryback rule in effect before 2018, generally, does not apply to NOLs arising in tax years ending after December 31, 2017. Exceptions apply to certain farming losses and NOLs of insurance companies other than a life insurance company. Also, for losses arising in taxable years beginning after Dec. 31, 2017, the net operating loss deduction is limited to 80% of taxable income (determined without regard to the deduction).

https://www.irs.gov/newsroom/net-operating-losses

Dynamic AdsDynamic Ads
v
Privacy Settings