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1040 Tax Return - can we use up old NOLS and capital losses?

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    1040 Tax Return - can we use up old NOLS and capital losses?

    My husband and I own our own sole proprietor business in California. We filed Chapter 13 in June 2011.
    Prior to the filing, our business had operated at a loss over previous earlier years, and our accountant had reported Net Operating Loss (NOL) deductions on our 1040 tax return.
    We had also filed a schedule D for capital losses on stock investments.

    Can we use any of these prior losses on our 1040 returns? We do not have an accountant currently. I did not report the NOLS on the 2011 return, but I am about to file my 2012 return on Monday (Oct 14th). Any help would be appreciated?

    #2
    i would most definitely consult an accountant on this matter. we too, had a rather large capital loss which we will continue to carry over maybe another 10 years or more. we continued to take the lose and when our tax returns were submitted to the trustee there was no question, especially in light of the fact it was a carry over. as long as you have all the correct documents supporting your lose it should be fine. (of course up to only 3k per year).

    why didn't you use the NOL for 2011? if the amount was too small to carry you may what to consider amending your 2011 return.

    best of luck to you!! hope it all works out

    now the calif return it may be different than the federal. hopefully LadyInTheRed will see this thread and will respond with a more accurate answer on the site of the state tax issue for you. and welcome to the forum!!!!!
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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