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If I had a $20,000 net operating loss in 2007 and another loss of $400 in 2008, but I have net income of $7,000 in 2009, can I apply the NOL of $20,000 to 2009 and avoid paying taxes on the $7,000?
ANSWER
Expert Thomas Graham iii's Answer:
Yes, you can carryover your net operating losses (NOL) up to seven years. Therefore, you would still have net operating losses of $13,400 to carryforward even after not paying taxes on the $7,000 in 2009. More information on this topic can be found in IRS Publication 536.
