Hi Nelsona,
Your posts have been extremely helpful and informative. You may have an idea of whats going on
This year I have a NOL on my 1040. It appears that I am unable to use the standard deduction since I have an NOL.
So I earned about 35k and had a loss of approx. 85k which I report on 4797 ...
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- Wed Oct 13, 2021 10:05 am
- Forum: Canada / United States Tax & Accounting
- Topic: `Loss on 4797 automatically reduces income and cannot be carriedforward
- Replies: 0
- Views: 10678