Ask Experts Questions for FREE Help !
Ask
    Welchwoman's Avatar
    Welchwoman Posts: 2, Reputation: 1
    New Member
     
    #1

    Oct 3, 2009, 08:09 PM
    Rental loss carry forward
    We had a rental loss of 14K in 2007. Because of our income level and exemptions we don't need to utilize this loss. I know we are entitled to 25K because we actively manage the rentals. I would like to carryforward this loss to 2008 and later.
    Where do we show this loss on future tax returns. Do we have to amend the 2007 tax return?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Oct 5, 2009, 01:41 PM
    This sounds to me to be a Net Operating Loss (NOL).

    Filing a NOL is NOT something that any amateur should try, because it requires complex calculations involving previous tax returns. These calculations must be done manually, i.e. there is no tax software support.

    You need to contact an experienced, competent tax professional who has in fact filed NOLs in the past to see if you are eligible for the NOL. Do NOT try to do it yourself!

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

What is future & option carry forward [ 1 Answers ]

What is future & option carry forward what is the process

On line tax return, carry forward rental loss year 2 [ 1 Answers ]

Hi, doing my partners tax return again. Rental losses carried forward from 2007 but as no rental income to declare this year how do I ensure losses are still carried forward. Help appreciated!

1040NR. Rental Expense exceeds rental income. Carry forward? [ 2 Answers ]

In filing 1040NR. Only US activity is Rental Real Estate. Total Expenses including depreciation exceeds Rental Income. How do I carry forward the amount the loss exceeds income? Mahalo.


View more questions Search