I sold my vacation rental in 2018 which had Suspended PAL. After expenses/gains from the sale, I have a net 1040 loss. Can I carry back/fwd to offset income or cap gain?
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I sold my vacation rental in 2018 which had Suspended PAL. After expenses/gains from the sale, I have a net 1040 loss. Can I carry back/fwd to offset income or cap gain?
I sold my vacation rental in 2018 which had Suspended PAL. After expenses/gains from the sale, I have a net 1040 loss. Can I carry back/fwd to offset income or cap gain?
An NOL can no longer be carried back ... it can only be carried forward.
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