Is there any way around electing to carry forward or back an NOL generated from a 2008 schedule C loss where there was no election filed timely with the return? Tax preparer failed to make an election when return was filed so does this mean the NOL is lost?
Schedule C NOL
Apr 06, 2010
2 Replies
What was lost was the ability to forego carrying the loss back 2 years, or to elect to carry back 3, 4, or 5 years. Your only choice at this point is to carry back 2 years on an amended return (actually Form 1045 is available for another 9 days). Are you certain that you actually have an NOL? Just having a Schedule C loss doesn't guarantee it.
If the difference between the 2-year carry back and the best of the other alternatives is significant, you might want to have a "discussion" with the preparer.
Form 1045 is NOT available for a 2008 NOL. Its availablility ended on
12/31/2009 (for a calendar year 2008 taxpayer). A 1040X (or two) must be used.Join the Discussion
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