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Negative Agi

Corporate Law Discussions

Negative Agi

Postby Eliott » Fri Dec 02, 2016 8:03 am

s About Taxes)/Negative AGI Advertisement Expert: John Stancil, CPA - 4/5/2010 My wife is a real estate agent.  We have rental properties.  We did not charge depreciation in previous years(2006 to 2008).

a) How do we adjust for depreciation for previous years, adjusting 1040 of previous years?  

b) Adjusting previous years 1040 will end having negative AGI. How do we carry to next year the negative AGI(example 2006 negative to 2007)?
Eliott
 
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Joined: Thu Mar 13, 2014 11:28 pm

Negative Agi

Postby Vigharthur » Fri Dec 02, 2016 4:34 pm

Asmir,

Thanks for your question.

You need to file amended returns for those prior years.  The 2006 return should be amended by April 15, 2010.

Negative AGI is a long, complicated issue, too complicated to discuss in this volunteer forum.  IRS Publication 536 covers these, but their explanations are often long and confusing.  This link is a fairly good description of an individual NOL.  http://www.thefreelibrary.com/A+primer+on+individual+NOLs-a0143628434

Hope this helps.

John Stancil, CPA
Vigharthur
 
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Negative Agi

Postby Dughall » Tue Dec 06, 2016 5:18 pm

s About Taxes)/Negative AGI Advertisement Expert: John Stancil, CPA - 4/5/2010 My wife is a real estate agent.  We have rental properties.  We did not charge depreciation in previous years(2006 to 2008).

a) How do we adjust for depreciation for previous years, adjusting 1040 of previous years?  

b) Adjusting previous years 1040 will end having negative AGI. How do we carry to next year the negative AGI(example 2006 negative to 2007)?
Dughall
 
Posts: 44
Joined: Mon Jan 13, 2014 12:37 pm


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