samingeorgia Posted November 24, 2007 Report Posted November 24, 2007 I'm working on a project this weekend - a long-time client died and there are some unfiled tax returns. I'm getting everything caught up for the family. The taxpayer was a farmer and had a pretty big NOL. He died in 2004 - does the NOL disappear upon his death? His wife continued the farm, but it was in his name prior to death. Quote
TAXBILLY Posted November 24, 2007 Report Posted November 24, 2007 Check Pub 536 but off the top of my head I believe the NOL dies with the person just like the NOL carryback and carryforward apply only to the income of the spouse who incurred it. taxbilly Quote
MAMalody Posted November 24, 2007 Report Posted November 24, 2007 Check Pub 536 but off the top of my head I believe the NOL dies with the person just like the NOL carryback and carryforward apply only to the income of the spouse who incurred it. taxbilly That's my recollection also. Quote
samingeorgia Posted November 24, 2007 Author Report Posted November 24, 2007 Thanks guys, that's what I thought. Quote
TAXBILLY Posted November 25, 2007 Report Posted November 25, 2007 I seem to recall that the carryback period is longer for farmers also so that Pub would be a good place to start. taxbilly Quote
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