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kanba
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Newbie

Joined: 06 Nov 2011
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Posts: 29

Posted: 06 Dec 2011 at 00:14 \| IP Logged

Im confused about NOL deduction. Can individual NOL offset ordinary income? Can corporate NOL offset other income? Or both must carryback and carryforward?

CPA1979
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Regular

Joined: 02 Aug 2010
Location: United States
Online Status: Offline
Posts: 210

Posted: 06 Dec 2011 at 11:40 \| IP Logged

kanba,
Corp NOL is carried backward 2 yrs or forward 20 yrs. One way to remember it is turn NOL to it's side and the letters N.O would look like 2 and 0. 2 yrs back and 20 forward. Goofy I know but it works.

I'm sorry I'm drawing a blank on individual NOL.

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nolifecpa
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Joined: 12 Jun 2010
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Posts: 135

Posted: 06 Dec 2011 at 12:57 \| IP Logged

for both individual and corp nol, you may elect to cb 2 yrs and cf 20 yrs or may elect NOT to cb and just cf 20 yrs.

for individual nol, offset nol from personal wages and net rental income but can not offset against cap gains, personal exemptions, and std deductions

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kanba
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Joined: 06 Nov 2011
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Posts: 29

Posted: 06 Dec 2011 at 17:00 \| IP Logged

nolifecpa, so individual can offset something but corp can not, right?

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