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Business & farm
I think I have a similar question. I am trying to get caught up on taxes. I had to wait 7 months to get the info from IRS, but I have it now.
I am filing for years 2016-2019. For 2016, I have a net operating loss, In 2017, I also had a smaller net operating loss. My understanding is that I can carry it forward, but I am seeing different info here.
1. Can I file my 2016 federal return and carry forward my NOL to 2017 and subsequent years?
2. Do I even need to file for years when my only income resulted in NOL's? I know it will be that for at least 2016 and 2017. ( and possibly 2018). Thankfully, 2019 was great for profit.
‎November 23, 2020
10:39 AM