Thank you for your answer.
Until now I had not been aware of NOL carryback or carryover or election to forgo carryback, so no election was ever made for any prior years ever, including the 2014 and 2015 per 172(b)(3).
I Just learned within 2 weeks what NOL is. All prior years tax returns were filed on time by April 15 of each year. Sales of rentals produced capital gains for last 3 years and sizeable activity losses from all rentals prior 10 years, which made AGI negative for last 5 years resulting in 0 Taxable Incomes and 0 taxes, and with Schedule A of 1040 further caused line 41 of 1040 to go further negative.
Yes I was an active participant and limited by $25000 in RE activities ( I was not a RE Professional)
2014 is an NOL originating year, no election to forgo carryback was ever made. I am working now to amend carrybacks/carryovers at this writing and afterwards I will use those unused NOLs in 2016. A planning stage.
2015 is an originating NOL Year as well, no election was ever made. I am working now to amend carrybacks/carryovers at this writing and afterwards I will use those unused NOLs in 2016. A planning stage.
Thus all amendments either for 2012 & 2013 (skipping 2014 2015 being NOL Years) OR 2012, 2013, 2014 (carryforward 2015 unused NOL portion), 2015 (carryforward unused NOL portion)
My dilemma is should I skip amendments of 2014 and 2015 due to carryforwards mentioned above.
Thank you very sincerely,
