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    #1

    NOL help

    I have a client that had a loss on a scheduel C snow removal in 2010 that was not used.
    He has a profit this year and wants to use the 2010 loss this year. Not sure how to do this but TB says to use other income line to show the 2010 loss. Any help would be helpfull
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    #2
    If there was a NOL created in 2010, then it would have been either carried back or elected to carryforward to 2011. But, just because he had an overall loss on the Sch C in 2010 doesn't mean he can use that to offset income in 2011. A loss on the Sch C in 2010 may not have created a NOL for that year. It may have just lowered the total income in 2010.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.

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      #3
      Agree with WO but would add that if there was an NOL in 2010 and the election was not made to fore go the carryback period it will not be available to carry forward until you do the carryback.
      In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
      Alexis de Tocqueville

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