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TG
Level 1

Calculating NOL carryover

I had a NOL from the sale of a rental property in 2017.  Turbo Tax reported the loss for that year, which resulted in a negative amount of income for 2017.  Was it all used for that year or is there a way to use a portion of it for 2018 taxes?  Turbo Tax doesn't seem to compute any carryover.  I've attempted to use worksheet 2 of publication 536, but after filling it out I'm left with an amount on line 10 that only adds to my income instead of utilizing a carry forward loss.......very confusing!  Any advice would be much appreciated. 

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Accepted Solutions
LudwigVan_fan
Level 7

Calculating NOL carryover

First, use Pub 536 for 2017 and use Sch A for Form 1045 to determine if there is an NOL for 2017.  Even though your 2017 return might have shown negative income, there may not have been an NOL after adjustments have been made.  If after completing Sch A (or equivalent) and there is an NOL, that would be carried back/over and subject to the rules of the carry back/forward year's rules.

 

https://www.irs.gov/pub/irs-prior/p536--2017.pdf

 

If you did have an NOL for 2017, if you did not waive the carryback on your 2017 1040, then you must carryback to 2015, any NOL before you can carry it forward to 2018.  Pub 536 (2017, page 4). 

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

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2 Replies
LudwigVan_fan
Level 7

Calculating NOL carryover

First, use Pub 536 for 2017 and use Sch A for Form 1045 to determine if there is an NOL for 2017.  Even though your 2017 return might have shown negative income, there may not have been an NOL after adjustments have been made.  If after completing Sch A (or equivalent) and there is an NOL, that would be carried back/over and subject to the rules of the carry back/forward year's rules.

 

https://www.irs.gov/pub/irs-prior/p536--2017.pdf

 

If you did have an NOL for 2017, if you did not waive the carryback on your 2017 1040, then you must carryback to 2015, any NOL before you can carry it forward to 2018.  Pub 536 (2017, page 4). 

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

View solution in original post

TG
Level 1

Calculating NOL carryover

Thank you!  I was using the wrong year of Pub 536. It all came together after using the 2017 worksheet instead of the ones for 2018.

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