Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Foreign Income Exclusion plus Rental Loss Creates NOL Carryforward

cthomas428
Level 2

In 2022, Client had a Foreign Earned Income Exclusion that zeroed out his salary. He also had a $12,000 rental loss.

In 2023, ProSeries is carrying forward the $12,000 rental loss as a NOL carryover. Is this correct?

0 Cheers
3 Comments 3
sjrcpa
Level 15

Yes that is an NOL.

The more I know, the more I don't know.
cthomas428
Level 2

Thanks for the quick reply

sjrcpa
Level 15

You're welcome.

The more I know, the more I don't know.
0 Cheers