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
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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
- :
- Industry Discussions
- :
- Tax Talk
- :
- Farm NOL Carryback
Farm NOL Carryback
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Mills102
Level 1
12-12-2022
03:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client that has farm NOLs for 2021 and 2020. This same client had a 12million dollar section 1231 gain in 2019. I believe there is an exception that allows 2 year carryback on farm NOLs. If anyone can help answer any or all of my questions below, that would be a great help! Thank you in advanced for any input!
• Is it true we can carry back 2021 and 2020 farm NOLs to 2019 to help offset section 1231 gain originally reported?
• What would be the best way to go about applying the NOL – Form 1045 or Amended 1040?
• Are there any ordering rules or a tracing method that we need to do to calculate the portion attributable to the farm NOL?
• Are there any other limitations or considerations we need to consider?
Labels
1 Comment 1
sjrcpa
Level 15
12-13-2022
01:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It may be too late for Form 1045. That needs to be filed within 12 months after the NOL year. (December 31, 2022 for 2021 NOL, 12/31/21 for 2020 NOL.
The more I know, the more I don't know.
