Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Re: Filing only to preserve a loss
Filing only to preserve a loss
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Strongsilence-C
Level 10
04-09-2024
03:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client has no activity in Wisconsin and won't for the near future. She has an LTCL for WI that is different from Federal.
Is filing in WI required to "preserve" the LTCL? Is this required?
I think I'll delete it for 2023 and input it in the future whenever the client has WI taxable income.
(The LC rep fee is small - $80 bux whatever - but she won't pay it.)
Labels
2 Comments 2
George4Tacks
Level 15
04-13-2024
10:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Just for fun, change her SSN to 999999999 for this year, then when you proforma it to next year the correct numbers will be in the file, which you can REP for FREE. Just remember to change her ssn back to the correct number.
I can't say for sure, but I really doubt that there is a need to file. I am pretty sure the LTCLC will be preserved.
Answers are easy. Questions are hard!
Strongsilence-C
Level 10
04-13-2024
10:45 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am pretty sure the LTCLC will be preserved.
I agree and I thank you. The reasoning that a tax return needs to be filed to maintain a tax attribute seems specious. And I didn't want to pay the extra REP fee. So, I deleted that state.
Good tip Mr. Expert.
