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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
  • 9 replies
  • 23 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.

9 replies

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.
sjrcpa
Level 15
December 7, 2019
:wave::wave:
The more I know the more I don’t know.
Level 4
May 8, 2021

LesEdy, can you show me where ProSeries is referring to old tax law? Just curious


It's been fixed. However, separate elections for 2018 and 2019 are still not available.