I am the Administrator of my Uncle's estate which includes farm income (Schedule F) on the 1041. Because of COVID this estate has been open 2 years and I am in the process of closing it out. The Estate income for tax year 2020 is a negative amount once line 15a deductions are subtracted from the net farm income. Is this a Net Operating Loss (NOL) that I can carry forward to 2021? It's not clear to me that deductions from managing the estate can be carried forward, which is essentially what I'm trying to do. I have been unable to find a specific question or info from IRS publications on this matter.
The 2021 tax year has more farm income than deductions so I'd like to apply the "loss" the estate incurred the prior year. As mentioned above, it's just not clear to me that estate management deductions can contribute to a NOL.
Thanks in advance!
