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.
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15 years ago
1040 filing requirement if NOL carryforward but no current year income
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15 years ago
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.
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15 years ago
However, the real answer to the question on the fact of it is "no."
ChEAr$, Harlan Lunsford, EA n LA
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15 years ago
How does the personal exemption eat away at the NOL?
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15 years ago
"Gil Faver"
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15 years ago