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Is partial NOL Carryback allowed?
Hi,
I am a non-resident for US tax purposes. I have moved from US to Canada and my 2009 return will be a NOL return due to a US rental property which has more expenses & depreciation than rent. I am able include the operating losses from my US return into my canada tax return except the property depreciation amount. So I would like to carryback only the depreciation expense from 2009 to my 2007 US return. Is it allowed to carryback a portion of the NOL? How can I do that? I am planning to use 1040X since I have to correct another mistake on my 2007 return. Thanks! |
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Rohit:
I am NOT surprised that you got no answer, because the NOL calculation is one of the most complex tax calculations known to man. It requires information from several year's worth of returns, and, to my knowledge, there is no software support; it must be done manually! That being the case, no one could answer your question without some detailed research, which, during tax season, will NOT happen without compensation. |
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