Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - Internal Revenue Service - 2006
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19Publication 536
Contents
Cat. No. 46569U
Reminder . . . . . . . . . . . . . . . . . . . . . . 1
Department
Net Operating
Introduction . . . . . . . . . . . . . . . . . . . . . 1
of the
Treasury
NOL Steps . . . . . . . . . . . . . . . . . . . . . . 2
Losses (NOLs)
Internal
How To Figure an NOL . . . . . . . . . . . . . 2
Revenue
Illustrated Schedule A
Service
(Form 1045) . . . . . . . . . . . . . . . 3
for
When To Use an NOL . . . . . . . . . . . . . . 3
How To Claim an NOL Deduction . . . . . . 8
Individuals,
Deducting a Carryback . . . . . . . . . . . 8
Deducting a Carryforward . . . . . . . . . 8
Change in Marital Status . . . . . . . . . . 8
Estates, and
Change in Filing Status . . . . . . . . . . . 9
Illustrated Form 1045 . . . . . . . . . . . . 9
Trusts
How To Figure an NOL Carryover . . . . . 12
Illustrated Schedule B
(Form 1045) . . . . . . . . . . . . . . . 12
NOL Carryover From 2006 to 2007 . . . . . 15
Worksheet Instructions . . . . . . . . . . . 15
For use in preparing
How To Get Tax Help . . . . . . . . . . . . . . 18
2006
Returns
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Reminder
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
dren. Photographs of missing children selected
by the Center may appear in this publication on
pages that would otherwise be blank. You can
help bring these children home by looking at the
photographs and calling 1-800-THE-LOST
(1-800-843-5678) if you recognize a child.
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,
Get forms and other information
•
Work as an employee,
faster and easier by:
•
Casualty and theft losses,
Internet •
•
Moving expenses, or
•
Rental property.
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