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Can I apply a loss from 2007 to my 2008 taxes?

When filling out my 2007 taxes, I had a loss for the year because I didn?t have much income and I had losses from some real estate rental properties. My AGI on my 1040 was $-854. Our family of five had $10,700 of standard deductions, so the total loss on line 41 of my

1040 was $-11,554. My question is: Can I take the loss from 2007 and apply it to my 2008 taxes? I?ve done some reading and it seems like it?s possible to fill out a form 1045 to claim losses that can be applied to other years. If I can, would I be able to claim the full $11,554 or just $854?

I?ve read the instructions for the 1045 and found them to be confusing. When I look at the 1045 form, there?s a line 1a with this title:

Net operating loss (NOL) (Sch. A, line 25, page 2)

So I went to my Sch A and looked at line 25. I didn?t even fill out a sch A. But if I did, I would have put -854 in there since that?s my AGI.

Any help would be greatly appreciated. John

Reply to
Big Daddy
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No. You may, however, have an NOL that can be carried back to prior years. In order to elect carrying it forward you would have had to do so by

10/15/2008. Any carryback claim must be filed by 12/31/2008.

Wrong Schedule A. It's the Schedule A of the 1045, which you have to complete before you do the front.

Reply to
Phil Marti

That would be Form 1045's Schedule A, not Form 1040's.

First of all, IF you have an NOL, you have to carry it back before you may carry it forward. It's too late to make an initial election to forego the carryback period since that must be done on a timely 2007 tax return.

Second, IF you have an NOL, Form 1045 must be filed before or on December

31, 2008. Otherwise, you must use form 1040Xs for all years carried back to.

Make certain that you actually have a current year loss with respect to your passive loss computation on form 8582.

Reply to
D. Stussy

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