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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: 7616
`Loss on 4797 automatically reduces income and cannot be carriedforward
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. And...