@RobertB4444
Thanks so much for the very helpful info Robert!
Since I will enter the Negative amount of the unused loss from the prior year in NOL. Should I still have to complete the 4684 form - Section C by filling out the same data (original Casualty & Theft Loss) as I did for the prior year tax return? Or I can just file the NOL?
The reason I'm asking because I try to understand how do we refer the unused loss carryover from the prior year to the IRS if we don't complete the 4684 for this year? how does IRS figure out the carryover number of this year? would they have to go back to your prior year tax return to see or IRS system would automatically figure it out since your tax return info has been stored in IRS system?
Thanks so much for your valuable helps!
