Like you, I extended in the hopes this would be resolved. I am debating doing so again this year in which case I would amend 2022 and use the standard deduction to generate a larger NOL carryover. Since IAN is NOT QUALIFIED, I had to itemize in 2022 to claim the loss (could not use the standard deduction). Would like your opinion about my approach. (Using fictitious but realistic round number to illustrate):
By itemizing:
2022 AGI $40,000
2022 Itemized deductions (including casualty loss after $100 + 10% exclusion) $50,000
2022 NOL Carryforward $10,000
By amending 2022 (assuming it gets designated as qualified) and taking the standard deduction
2022 AGI $40,000
2022 Standard deduction (MFJ) + Casualty loss after $500 exclusion $64,000
2022 NOL Carryforward $24,000
What am I missing?
