According to the IRS:
To have an NOL, your loss must generally be caused by deductions from your:
- Trade or business,
- Work as an employee (although not deductible for most taxpayers for 2018 through 2025),
- Casualty and theft losses resulting from a federally declared disaster,
- Moving expenses (although not deductible for most taxpayers for 2018 through 2025), or
- Rental property.
A loss from operating a business is the most common reason for an NOL.
See Publication 536.
I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to us by following the directions below:
- Sign into your online account.
- Locate the Tax Tools on the left-hand side of the screen.
- A drop-down will appear. Select Tools
- On the pop-up screen, click on “Share my file with agent.”
- This will generate a message that a diagnostic file gets sanitized and transmitted to us.
- Please respond back with the Token Number that was generated
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