Thank you again. I have a CPA and he is working today (and tomorrow, and on Monday). I just thought I would get a jump on it.
... The actual IRS instructions do not specify the NOL must be taken in the year(s) immediately following the year the NOL occurs until exhausted, only that it can be taken in subsequent years (implying there is some discretion as to the year). This is unlike a Capital Gains Loss.
... And I have only read from various tax accountant sources that it can (not must) be taken in the following year(s) until exhausted or expired (20yrs), but not that it must be taken in the year immediately following the year of the NOL if eligible.
The snippet I sent to my CPA...
https://www.irs.gov/publications/p536#en_US_2018_publink1000177402
“… Deducting a Carryforward
If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the "Other income" line of Schedule 1 (Form 1040) or Form 1040NR (line 21 for 2018). Estates and trusts, include an NOL deduction on Form 1041, line 15b, for 2018. You must attach a statement that shows all the important facts about the NOL. Your statement should include a computation showing how you figured the NOL deduction. If you deduct more than one NOL in the same year, your statement must cover each of them.”
ParisJF: Here it says
“… to a tax year after the NOL year…” I
cannot find anywhere where it specifies that you actually
MUST apply the NOL to the following year(s) until exhausted.
But thank you again for your time, consideration, and help. Greatly appreciated.