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Investors & landlords
I agree and have already put in a call with an accountant. In looking over the Worksheet it is obviously biased towards a NOL from a "business" as it has entries for "non-business" items (capital gains/losses, deductions, income) and the equivalent for "business". Since I was a W-2 wage slave and just owned a rental property that was sold in 2018 figuring out what from my return goes in "business" entries and what goes in the "non-business" entries is a challenge. In addition, haven't even touched what happens to the NOL on the state return.
I am aware of the 80% rule and also that the 2018 tax act also limited NOL to carry forward and basically eliminated the carry back option.
‎December 22, 2019
10:25 AM