K-1 losses to personal returns
My mom and I had a business (s-corp) of which we each lent $20,000 to. Unfortunately, the business did not succeed and was dissolved. Last year(2007 TAXES), we both deducted $6667.00 from our personal taxes as a NOL because we were 'told' by a tax 'professional' that we can stretch out our PERSONAL losses over 3 years. The company basically broke even with the exception of our investment/loan.
Ofcourse, we can't take more deductions than our personal income (from our other jobs), but is it possible to write-off the remaining $13,333 each on our 1040 in one year or must it be spread out?