Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - 2010
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19Publication 536
Contents
Cat. No. 46569U
Introduction . . . . . . . . . . . . . . . . . . . . . 1
Net Operating
Department
of the
NOL Steps . . . . . . . . . . . . . . . . . . . . . . 2
Treasury
How To Figure an NOL . . . . . . . . . . . . . 2
Losses (NOLs)
Internal
Illustrated Form 1045,
Revenue
Schedule A . . . . . . . . . . . . . . . . . 3
Service
for
When To Use an NOL . . . . . . . . . . . . . . 7
Exceptions to 2-Year Carryback
Rule . . . . . . . . . . . . . . . . . . . . . 7
Individuals,
Waiving the Carryback Period . . . . . . . 8
How To Carry an NOL Back or
Forward . . . . . . . . . . . . . . . . . . 8
Estates, and
How To Claim an NOL Deduction . . . . . . 8
Deducting a Carryback . . . . . . . . . . . . 8
Deducting a Carryforward . . . . . . . . . . 9
Trusts
Change in Marital Status . . . . . . . . . . . 9
Change in Filing Status . . . . . . . . . . . . 9
Illustrated Form 1045 . . . . . . . . . . . . 10
How To Figure an NOL Carryover . . . . . 12
Illustrated Form 1045,
For use in preparing
Schedule B . . . . . . . . . . . . . . . . 12
2010
NOL Carryover From 2010 to 2011 . . . . . 15
Returns
Worksheet Instructions . . . . . . . . . . . 15
How To Get Tax Help . . . . . . . . . . . . . . 17
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Introduction
If your deductions for the year are more than
your income for the year, you may have a net
operating loss (NOL). An NOL year is the year in
which an NOL occurs. You can use an NOL by
deducting it from your income in another year or
years.
What this publication covers. This publica-
tion discusses NOLs for individuals, estates,
and trusts. It covers:
•
How to figure an NOL,
•
When to use an NOL,
•
How to claim an NOL deduction, and
•
How to figure an NOL carryover.
To have an NOL, your loss must generally be
caused by deductions from your:
•
Trade or business,
•
Work as an employee,
•
Casualty and theft losses,
•
Moving expenses, or
•
Rental property.
A loss from operating a business is the most
common reason for an NOL.
Partnerships and S corporations generally
cannot use an NOL. However, partners or
shareholders can use their separate shares of
the partnership’s or S corporation’s business
income and business deductions to figure their
Get forms and other information
individual NOLs.
faster and easier by:
Keeping records. You should keep records
for any tax year that generates an NOL for 3
years after you have used the carryback/car-
Internet
IRS.gov
ryforward or 3 years after the carryforward ex-
pires.
Mar 14, 2011
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