Sec 1244 Stock

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  • Kara
    Junior Member
    • Sep 2007
    • 1
    #1

    Sec 1244 Stock

    An individual calculating the NOL for the year who has itemized deductions for Mortgage Interest and Real Estate Taxes, will he have to add to his negative income the itemized deductions to reduce the NOL?
    Last edited by Kara; 09-06-2007, 11:37 PM.
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      Mortgage interest and real estate taxes are nonbusiness expenses. In other words, you cannot increase an NOL by such expenses claimed on Schedule A.

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