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Old 04-06-2015, 02:34 PM
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Calculating NOL with Form 1045 Schedule A

Hello,

I am attempting to determine the NOL I can carryforward and deduct by using Form 1045 Schedule A (as suggested by the IRS website).

Last year my Total Income was negative. Some of the negative income was due to Schedule E losses in operating my rental property. But the majority of the negative income was from selling the rental property at a loss. I didn't have any capital gains (either business or nonbusiness).

I would have expected to carryforward pretty much the full loss, but I'm confused since, according to the 1045 Schedule A, business capital losses don't count toward the NOL. (For example, if I enter the loss in line 11 of Schedule A, it offsets against the total amount I thought I would be able to carry forward.) I'm assuming that the loss on the sale of the rental property is a business capital loss (?).

I've also read that the sale of the rental house is a section 1231 loss, and it's a bit confusing how section 1231 losses relate to net operating losses.

Thanks!



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