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1120H Home Owners Assoc

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    #1

    1120H Home Owners Assoc

    I have not done many 1120Hs. Client brought in 2011 and 2012 for a Home Owners Assoc. I see that it is too late to file the 1120H for 2011. So I have prepared the 1120. It has a taxable income with a tax liability. When I prepare the 2012 1120 there is a NOL.

    The instructions state that a Corp carries the NOL back two years and forward 20 years. However, a 1120H was done for 2010. Since the 1120H cannot use a NOL, should I just carry the NOL back to 2011? Any thoughts appreciated.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.
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    #2
    Technically, it is still carried back to 2010, but because the 1120H cannot be amended for an NOL carryback, none of the NOL gets used in 2010. Thus, all of it then gets carried forward to 2011. The route the NOL took to get to 2011 would probably have to be explained in a statement attached to the 2011 amended return.

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