Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - 2011
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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
2011
NOL Carryover From 2011 to 2012 . . . . . 15
Returns
Worksheet Instructions . . . . . . . . . . . 15
How To Get Tax Help . . . . . . . . . . . . . . 17
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 19
What’s New
Carryback for qualified disaster loss ex-
pired. The 5-year carryback for qualified dis-
aster loss applies only for disasters occurring
before January 1, 2010.
Motor vehicle tax deduction expired. The
new motor vehicle tax deduction expired for ve-
hicles purchased after December 31, 2009.
Future developments. The IRS has created
a page on IRS.gov for information about Publi-
cation 536 at Information
about any future developments affecting Publi-
cation 536 (such as legislation enacted after we
release it) will be posted on that page.
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,
Get forms and other information
•
How to claim an NOL deduction, and
faster and easier by:
•
How to figure an NOL carryover.
Internet
IRS.gov
To have an NOL, your loss must generally be
caused by deductions from your:
Feb 17, 2012
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