I have a Net Operating Loss (NOL) from my small business, which was closed in 2017. The tax software generated a form 1045 with a Schedule A-NOL. What is this NOL exactly? Will it reduce my federal tax liability next year or my taxable income next year? What if I have no Schedule C next year due to no self-employment business? Also, for the NJ return, it generates a form NJ BUS 2 with a loss carryforward to tax year 2018, but I closed my LLC and will not file to NJ again. What will happen to this carryforward loss for NJ?

August 8th, 2023

If a taxpayer transfers her personal residence to an irrevocable trust, does the residence get a step up in basis to fair market value? The trust subsequently sold the residence, and the taxpayer died three months later.

July 2nd, 2024

I need the amount of my SSA-1099 form benefit statement for 2017 to give to my tax preparer. I lost the one that was sent to me. Can I get it online instead of visiting the Social Security office?

August 31st, 2023

Is it true that items donated in 2018 will not be deductible for tax purposes?

July 21st, 2024

Can I add my mileage (7,200 miles driven) to my adjusted tax basis of a home I just sold, which was a potential personal residence that didn’t work out and turned into a very profitable investment property? I made the trips to make home improvements; about a 220 mile per round trip.

May 22nd, 2023