No NOL for Nonbusiness Loss

A taxpayer who attempted to rent his condo was denied a net operating loss (NOL) carryforward by the Tax Court. He failed to show he was entitled to the loss, so no carryforward was allowed. A taxpayer claiming an NOL deduction must file with his/her return “a concise statement setting forth the amount of the [NOL] deduction claimed and all material and pertinent facts relative thereto, including a detailed schedule showing the computation of the [NOL] deduction.” That was not done here. #IdeaoftheDay