Can I apply a 2019 Disallowed Passive Loss return (Schedule E carryover worksheet from previous years) as an allowed NOL in my 2024 return (carryover worksheet line 14a)? I had forgotten about it and read it may be possible to apply previous losses to later years, but the terms “Disallowed” and “allowed” have me thinking I cannot apply it.
You can use it offset passive income, if you have any, but you can't use it to offset non-passive income or investment income.
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