hurricane loss carryback

[Unregistered]

can i still ignore the $100 deductible and 10% floor
for the carry back election for wilma(florida declared disaster area)?
And..I assume i can carry any unused losses forward to
2005 return. Right??? thanks for responses. love this forum.

[Unregistered]

Carryback

You cannot carryback losses if you do not do 2005 first.
Ammend 2004 and disreguard the $100 and 10%. Then carry FORWARD the losses.

[Unregistered]

huh??

why can't i do the amended 2004 BEFORE i do
the 2005. how will i know how much loss is available to
carry to 2005? was that a typo?

[Bees Knees]

Why do you need to carry the loss forward to 2005? The hurricane losses from Katrina, Wilma, and Rita occured in 2005. Why carry them back to 2004 and then forward to 2005 if you want to use them for 2005?

Your question does not make any sense.

[Redneck]

From Louisiana

If your client wishes he/she may amend their 2004 tax return and disreguard the 10% and $100 on the 4684. Then after they amend the 2004 there MAY be a loss to carryforward to 2005. Amending 2004 is not always the best because it will affect the State of La taxes for 2004. All of my clients that asked to amend 2004 came out with a better deal by just taking the losses in 2005 and carryforward any excess losses to 2006.

[Unregistered]

my clients losses will wipe out any taxes paid in 2004 so get refunds now
from 2004 AND when i file 2005 (carryover). why wait a year for refund.
in FL not LA
again, thanks for responses. will amend 04 andd carryover to 2005.