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- Complex Trust with negative taxable income
Complex Trust with negative taxable income
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cpahdr
Level 3
a month ago
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I have a complex trust with negative taxable income but the return does not show a NOL carryforward to next year. Can the negative taxable income be used to reduce income for next year?
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sjrcpa
Level 15
a month ago
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Unless the trust owns a business and the business has a loss there is no NOL.
Passive losses and capital losses can be carried over to future years.
Negative taxable income, by itself, does not result in any sort of carryover.
Why is there negative taxable income? Expenses > income?
The more I know the more I don’t know.
