I used the Safe Harbor method last year to determine my Hurricane Harvey casualty loss. The losses exceeded my AGI. Can I carry forward the "leftover" casualty loss onto my 2018 return? I use TurboTax in case anybody knows of a problem with this.
And the carryback is two years rather than three, but as I recall in some instances where the NOL was from a qualified disaster area losses there was a five year carryback.lockett93 said:
Some misinformation here.
Basically when the federal disaster happened you could choose to file it on your 17 or amend your 16.
Once you chose to file it on your 17, if that generates a NOL then you were required to either elect to carry forward and not backwards (deadline to elect was oct 15,2018), OR you MUST go back 3 years. So you must amend 14 and carry the NOL to 14, then any unused to 15 and finally 16. Of some still left then it would go to 18.
You could choose to play ignorant and carry to 18 and pretend you made the election to not go backwards. Who knows if the IRS would catch it.
As for where to put the info and what numbers to use, the 1045 should have been on your 17 and given the NOL amount to use on the 18. It isn't as easy as a negative income number on 18. There is more to it than that!!
Thanks. However, I didn't forego any deduction. I took the max amount I could. I'll talk to my friend who is a CPA, and who flooded, to see what he can tell me. If I learn anything that's in plain English, I'll share here and probably on the Houston board.OldArmyBrent said:
Foregoing an NOL deduction is done by affirmative election and must be done on an originally filed return. If you don't make that election, you are forced to carry back first to the earliest possible year, then forward.
As I recall, you lose some of the benefit when you carry individual NOLs forward or back, so it's not as easy as taking the negative number you had on 2017 and putting it on another return as negative income.
You misread that. it says Election not deduction, which is what I've been saying. If you didn't elect to ONLY go forward, then you would be required to go back to 2014 and amend... That's the law. but, if you were to put your NOL on your 18 and not amend your 14, who knows if anyone would ever know...94chem said:Thanks. However, I didn't forego any deduction. I took the max amount I could. I'll talk to my friend who is a CPA, and who flooded, to see what he can tell me. If I learn anything that's in plain English, I'll share here and probably on the Houston board.OldArmyBrent said:
Foregoing an NOL deduction is done by affirmative election and must be done on an originally filed return. If you don't make that election, you are forced to carry back first to the earliest possible year, then forward.
As I recall, you lose some of the benefit when you carry individual NOLs forward or back, so it's not as easy as taking the negative number you had on 2017 and putting it on another return as negative income.