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Level 2
March 5, 2019
Question

Net Opeating Loss Carryforward

  • March 5, 2019
  • 2 replies
  • 11 views

MY son had a NOL larger than his income in 2017 due to Hurricane Irma in Key West. He elected to forego the carryback intending to carryforward to 2018, however new tax law does not permit carryforward. What can be done?

    2 replies

    Level 11
    March 7, 2019

    The new tax law provides that there is no carryback for an NOL incurred after 2017, but the loss may be carried forward indefinitely. He will be able to use it on the 2018 return.

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    Joe163Author
    Level 2
    March 7, 2019
    How is it claimed using turbo tax in 2018?