"Your current-year losses would offset any other current year income (such as your wife's income). If the losses are larger than your current year income, yes, you may have a NOL that can be carried back to 2015."
Using made up numbers, lets say I had the following:
$100k in W2 income from 2016-2019
$100k in income in 2020. I became an active RE investors in 2020. I have bonus depreciation of $700k, which causes an NOL of $500k in 2020.
Can I apply this $500k loss from 2020 against my :
1. $100k in income from 2020 AND
2. $100k in annual income from 2016-2020 if I was NOT an active RE professional during these years?
