The CARES act allowed NOLs from 2017 - 2020 to be carried back 5 years prior.
My wife and I file a joint return, and from 2015-2019 we both earned W2 income. Starting in 2020, I left my job and became a full time real estate professional.
AFAIK, passive losses can be counted against W2 income as I am now a real estate professional. Can I carry losses from 2020 back 5 years against our W2 income? Is there a limit to how much bonus depreciation I can carry back? Is the above subject to AMT?
