Client has had a corporation for years. I do not do the tax return but losses all the way back to 2008. A carryover summary is net operating loss is $196,930 and Section 1231 losses is 124. The business sold so are the losses lost? The CPA told them to carry them to their personal tax return but how and where if she is correct. Wish I was stronger at this but not my cup of tea. Maybe turn my good friends personal return to the CPA??
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What exactly was "sold"? Was it the corporation stock from seller to buyer, or specific assets of the corporation to the buyer?Uncle Sam, CPA, EA. ARA, NTPI Fellow -
Assuming the CPA looked at the transaction and it was a stock sale then the capital loss to the owner of the stock will be deducted on Sch D subject to the $3000 limitation against ordinary income.The CPA told them to carry them to their personal tax return but how and where if she is correctTaxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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