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Level 3
December 7, 2019
Solved

Is 172 (b)(3) election required to waive carryback of individual return non-farm nol for 2018 or is it automatic?

  • December 7, 2019
  • 1 reply
  • 11 views

client has nol from land rent on schedule e. program help says 172(b)(3) election is only for certain farm losses and insurance companies. so to waive the carryback period does this election still need to be attached?

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Best answer by sjrcpa

There is no longer an NOL carryback so there is nothing to waive.

1 reply

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

There is no longer an NOL carryback so there is nothing to waive.

The more I know the more I don’t know.
rbynaker
Level 13
December 7, 2019
Can we wave goodbye to carrybacks?