Is there a filing requirement for a 1040 if there is no current year income but an NOL carryforward? Is it possible to lose the NOL if no return is filed? Similar question for Capital loss carryforward.
1040 filing requirement if NOL carryforward but no current year income
Sep 28, 2008
5 Replies
NOL: There certainly is a computation needed as such things like the personal exemption do eat away at the NOL.
CL: In general, that won't be eaten away.
Filing a return when not otherwise required is advisable in some situations - for that's the only way the period of limitations gets started.
However, the real answer to the question on the fact of it is "no."
ChEAr$, Harlan Lunsford, EA n LA
How does the personal exemption eat away at the NOL?
"Gil Faver"
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required