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Investors & landlords
Yes, in 2017 the Tax Cuts & Jobs Act disallowed carryback of NOL's. You are correct that originally it could be carried back five years. The 2017 TCJA also limited NOL deductions to 80% of taxable income.
Here's detailed info on NOL's from IRS Pub. 536.
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March 31, 2023
5:40 PM