net operating loss (NOL) Archives - FREE Yourself from IRS Problems

Shamsey Oloko April 10, 2017 Safe Harbor Election, Success-Based Fee Elections

IRS Declines To Extend Time To Make Late Success-Based Fee Elections

Recently, the IRS Office of Chief Counsel held, in a private letter ruling, that it could not grant a taxpayer’s request for an extension of time to file a safe harbor election under Rev. Proc. 2011-29. This election is related…

Shamsey Oloko January 17, 2017 Deductions, Income, Income Exclusions, Income Tax, Profits & Losses, Taxable Gain, Taxable Income, THORGOOD Law Firm

The (Trump’s) Net Operating Loss (NOL), Explained

At the beginning of October, the New York Times released pages from Donald Trump’s Connecticut, New Jersey and New York 1995 tax returns, apparently reflecting that the Donald declared “other income” of negative $916 million and was prepared to forego…

Shamsey Oloko April 11, 2016 Audit, Business Expenses, Capital Gains, Capital Losses, Deductions, Form 1040, Gains & Losses, Income Tax, Representation

Real Estate Loss Deduction for Individuals

In the last ten years, too many taxpayers have sold real estate at a loss. How does this type of loss ultimately affect the amount of taxes owed to the IRS? First, to accurately determine the amount of a loss…