Married couple had a $25,000 NOL, they are now seperated and will file MFS,,,,,(no children), yes they could file MFJ, but refuse...how does the NOL work.
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Confucius say:
He who sits on tack is better off. -
Questions
Is this a community property state?
What created the NOL ? His/Hers Sched. C? -
Nol
Yes on community property state CA
Casulty loss on schedule A.....house burned down
Niether one will itemize this year.
Would there be any advantage to a MFJ....don't think they will.....but maybe if it would pay other than the using the higher deduction and exemption.Last edited by RLymanC; 12-07-2005, 12:21 PM.Confucius say:
He who sits on tack is better off.Comment
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Originally posted by RLymanC
A casualty loss, even on non business personal property can create an NOL, which can be carried forward. They would have to itemize, however, to claim the casualty loss. So if they do not itemize, there is no NOL.Comment
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