"D. Stussy" <spam[at]bde-arc.ampr.org> wrote in message
news:gbou77$jqt$1[at]snarked.org...
- quote -

I have done so, and do not see that the personal exemption eats away at the
NOL carryforward in years where the taxpayer has zero income.

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"Gil Faver" <rowdy'sboss[at]xxyz.com> wrote in message
news:nDMDk.244354$102.173180[at]bgtnsc05-news.ops.worldnet.att.net...
- quote -

Fill out Form 1045's schedules and watch.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"D. Stussy" <spam[at]bde-arc.ampr.org> wrote in message
news:gbmtje$amd$1[at]snarked.org...
- quote -

How does the personal exemption eat away at the NOL?

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

D. Stussy wrote:
- quote -


ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

<choffman40[at]gmail.com> wrote in message
news:34e2a21a-46f0-4e32-8bf9-71de921117af[at]w7g2000hsa.googlegroups.com...
- quote -

NOL: There certainly is a computation needed as such things like the
personal exemption do eat away at the NOL.

CL: In general, that won't be eaten away.

Filing a return when not otherwise required is advisable in some
situations - for that's the only way the period of limitations gets started.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

Is there a filing requirement for a 1040 if there is no current year
income but an NOL carryforward? Is it possible to lose the NOL if no
return is filed? Similar question for Capital loss carryforward.

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >