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Posted by Harlan Lunsford on September 28, 2008, 12:37 pm
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D. Stussy wrote:
>> Is there a filing requirement for a 1040 if there is no current year
>> income but an NOL carryforward? Is it possible to lose the NOL if no
>> return is filed? Similar question for Capital loss carryforward.
>
> NOL: There certainly is a computation needed as such things like the
> personal exemption do eat away at the NOL.
>
> CL: In general, that won't be eaten away.
>
> Filing a return when not otherwise required is advisable in some
> situations - for that's the only way the period of limitations gets started.
>
However, the real answer to the question on the fact of it is "no."
ChEAr$,
Harlan Lunsford, EA n LA
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