I'm self employed and have had taxable income the past 6 years. In 2022, this will be the first time I have a NOL and will be paying zero taxes this year. Do I need to file anything with my 2022 tax return (stating I plan to carry forward), or do I just wait until 2023 and calculate my NOL carryforward amount at that time based on my 2022 return?
Thanks for the helpful video. I have a question about the Ponzi Scheme Losses: As via IRS, It can be claimed as Casualty & Theft Loss in Form 4684; Section C with 95% deductible (safe harbor), and the carryforward/over can be continue to claim in the next 20 years. Since form 4684, section C doesn't have carryover field, should the carryover loss be filled in Net Operating Loss (NOL) in the tax return of next years. And if it is, should 4684 section still need to be filled with original loss (same data) in previous year submitting along with the NOL or just disregard the 4684? thanks so much!
What if I have no business I was just working for many years now in 2023 I had no income and only on temp disability which is non taxable as EDD told me. But I have still my home property taxes, car registration home insurance, student loan. Would the NOL only apply for ppl with businesses or can one like myself apply rhis?
This was very helpful! After watching several other UA-cam videos on NOLs, I finally got a clear explanation. Thank you, sir.
Thank you and please visit the website for more farhatlectures.com/
Very helpful video! Thank you for using different colors.
Great video, God Bless!
Thank you! You too! Please check my website for more: ✅farhatlectures.com/
Thank you so much for this very informative video!
Glad it was helpful! Please check my website for more: ✅farhatlectures.com/
you are the best...
Thank you and please visit the website for more farhatlectures.com/ Start your free trial!
Thank You👏👏👏
Most welcome. Please check my website for more. Start your free trial : farhatlectures.com/
Very Well Explained...Thanks Sir..
Thank you and please visit the website for more farhatlectures.com/
I'm self employed and have had taxable income the past 6 years. In 2022, this will be the first time I have a NOL and will be paying zero taxes this year. Do I need to file anything with my 2022 tax return (stating I plan to carry forward), or do I just wait until 2023 and calculate my NOL carryforward amount at that time based on my 2022 return?
Thanks for the helpful video. I have a question about the Ponzi Scheme Losses: As via IRS, It can be claimed as Casualty & Theft Loss in Form 4684; Section C with 95% deductible (safe harbor), and the carryforward/over can be continue to claim in the next 20 years. Since form 4684, section C doesn't have carryover field, should the carryover loss be filled in Net Operating Loss (NOL) in the tax return of next years. And if it is, should 4684 section still need to be filled with original loss (same data) in previous year submitting along with the NOL or just disregard the 4684? thanks so much!
You cannot used NOL to offset Capital gain ( last example you used) . please correct me if I am wrong. Thanks!
Hi, so exactly how to elect not to carryback? On what form? Tax form? Thank you!
Does the NOL Rule apply for sole proprietor? Thanks!
Can you use the NOL in conjunction with title 179 deduction on a vehicle?
Beyond the scope of my educational videos.
Hi Professor Farhat, is NOL 80% limit the same like the special deduction of $2500 in rental real estate? Thank you!
What if I have no business I was just working for many years now in 2023 I had no income and only on temp disability which is non taxable as EDD told me. But I have still my home property taxes, car registration home insurance, student loan.
Would the NOL only apply for ppl with businesses or can one like myself apply rhis?
On what tax form we report NOL?
Is NOL the loss after depreciation? Thanks!