I am working through the IRS's Net Operating Loss Worksheet 1. I'm starting this thread b/c I'm going to have some questions going forward. Background, I own 2 rental properties and would like to use the NOL Carry-forward rule to offset future income. Questions:I went through the worksheet and it appears my NOL includes my itemized deductions? My itemized deductions are NYC property tax and mortgage interest on my residence. Is that correct? The property taxes and mortgage interest are much greater than the standard deduction.Can I carry a 2017 NOL back to offset taxable income in 2016? The 2016 income is mostly earned from w2 wages. I have not filed my 2017 or 2018 taxes b/c I don't owe taxes. I know from tax years 2018 going forward we cannot carryback losses.Thanks! https://www.irs.gov/publications/p536

Question

Net Operating Loss (NOL) Worksheet questions

I am working through the IRS's Net Operating Loss Worksheet 1. I'm starting this thread b/c I'm going to have some questions going forward.

Background, I own 2 rental properties and would like to use the NOL Carry-forward rule to offset future income.

Questions:

I went through the worksheet and it appears my NOL includes my itemized deductions? My itemized deductions are NYC property tax and mortgage interest on my residence. Is that correct? The property taxes and mortgage interest are much greater than the standard deduction.
Can I carry a 2017 NOL back to offset taxable income in 2016? The 2016 income is mostly earned from w2 wages. I have not filed my 2017 or 2018 taxes b/c I don't owe taxes. I know from tax years 2018 going forward we cannot carryback losses.

Thanks!