As a sole proprietor, I had a NOL in 2009. Carelessly, I neglected to file my tax return until April 2011. Have I now lost the ability to carry that 2009 NOL forward and apply it to my 2010 return?

Gary-Moses Lake

asked 17 Apr '11, 22:14

gary's gravatar image

accept rate: 0%

You may have losses on Schedule C that are suspended not because you did not file timely but because they are subject to rules of taking losses in excess of income. Such as home office deductions, etc. they may not be used to reduce your income to less than zero. If you have income in 2010, then many of the losses that could be suspended may be able to reduce the tax owed on that income.


answered 18 Apr '11, 00:49

SandySea's gravatar image

accept rate: 7%

When you filed your 2009 tax return, did you make an election to carryforward the loss? Many taxpayers do not understand the importance of the election. If you did not make the election, you must first carryback the loss to a prior year. NOL is complicated and not something that an average person should attempt to prepare on their own.


answered 11 May '11, 11:16

Bill-EA's gravatar image

accept rate: 3%

Your answer
toggle preview

Follow this question

By Email:

Once you sign in you will be able to subscribe for any updates here



Answers and Comments

Markdown Basics

  • *italic* or _italic_
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: 17 Apr '11, 22:14

Seen: 914 times

Last updated: 11 May '11, 11:16