My client just learned, that in 2001 she had a final Trust K-1 with a 60k loss on it. I assume that I can file an amended return for 2001 to created carryover losses for the other years and that all allowable losses for 2001 and 2002 are just used up resulting in no tax reduction, correct?.
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also too late
Yes, and it is also too late to waive the NOL carryback period, which was five years in 2001. You will have to run the loss through 1996-2002 before you can claim any refund. -
If the losses are capital losses you just carry forward.Comment
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3 year rule
I agree with the above post. I just want to clarify, if anyone is confused with the 3 year rule. There is no rule that sais you have 3 years to amend a tax return. The rule is you can only go back 3 years to claim a refund on the back year.Comment
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