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Level 2

Question

Prior year NOL carryover

Forum|Forum|5 years ago
July 13, 2020
1 reply
4 views

I have a prior year NOL carry over that was not business related, it was due to the sell of land that there was a loss. where do I go and enter that NOL info for the carryover? I went to the business screen and enter the info into the NOL line, but it took the entire loss and you are only allowed to take a loss of $3000 per year.

Level 15

I think you mean you had a "capital loss" for the sale of the land. I think that is entered in the section for Stocks, Bonds, etc.

I am assuming you did not use TurboTax last year and/or did not import your information from last year's TurboTax, right? Because that should automatically carry over.

As a side note, this land was not used (or meant to be used) for personal use, right? Because personal use would make the loss non-deductible.

smstockmanAuthor

Level 2

It was never used for personal purposes. So where would I enter this NOL carryover amount in turbo tax?

Level 15

Did you read my comment above?