Ponzi loss

[Bucky]

Client hads investment loss for 2010 which is considered a business casualty loss. We will show casualty loss on his 2010 return. Because of medical expenses taxpayer has no taxable income before the loss is figured into the mix. I know we can carryback as NOL for 3 years. The loss is a little over 150k. When does the 2007 amended need to be filed by.

[S T]

Would the

following help you to determine dates

From Pub 536

Form 1040X. If you do not file Form 1045, you
can file Form 1040X to get a refund of tax because of an NOL carryback.
File Form 1040X
within 3 years after the due date, including ex-
tensions, for filing the return for the NOL year.
For example, if you are a calendar year taxpayer
and filed your 2007 return by the April 18, 2008,
due date, you must file a claim for refund of 2005
tax because of an NOL carryback from 2007 by
April 18, 2011.

Sandy

[Bucky]

Ponzi

following help you to determine dates


From Pub 536
Sandy

Yes Thanks.

[S T]

then on 1045

I probably should have posted this as well

See Pub 536 for more info

Form 1045. You can apply for a quick refund by filing Form 1045. This form results in a tentative adjustment of tax in the carryback year. See the Form 1045 illustrated at the end of this discussion.

If the IRS refunds or credits an amount to you from Form 1045 and later determines that the refund or credit is too much, the IRS may assess and collect the excess immediately.

Generally, you must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than one year after the end of the NOL year. If the last day of the NOL year falls on a Saturday, Sunday, or holiday, the form will be considered timely if postmarked on the next business day. For example, if you are a calendar year taxpayer with a carryback from 2010 to 2008, you must file Form 1045 on or after the date you file your tax return for 2010, but no later than January 2, 2012.

S