Re: Net Operating Loss

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Subject Author Date Re: Net Operating Loss Katie 08-30-2009
Posted by Katie on August 30, 2009, 11:54 pm Please log in for more thread options > I have a client with a large one-year NOL in a partnership. She > terminated the partnership in less than a year and continued the same > business as a Sole Proprietor. Is there any way to carryover the > partnership NOL to her Schedule C for the following year? > > -- The partnership does not have an NOL because it is not a taxpayer. If the partnership's loss passed through to the partner resulted in a net operating loss for the partner on HER individual income tax return, she can carry that loss back or forward in accordance with the law. Katie in San Diego -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted VA net operating loss May 19, 2008, 8:36 pm Net Operating Loss August 30, 2009, 7:20 pm Net Operating Loss Confusion. Please Help June 23, 2006, 3:10 am Net operating loss - rental activity November 16, 2009, 11:33 pm Form 8829 Carryover from Operating Expenses from 2005? February 27, 2007, 3:17 pm Any way to get a tax loss here? February 24, 2008, 8:00 pm What to do with a net loss? March 13, 2008, 11:26 am Loss on IRA December 15, 2008, 11:18 pm Theft Loss November 24, 2006, 11:34 pm Carry Over Loss January 28, 2007, 4:26 am