I think I have the answer for this, but I want to check. Here is the infomation.
Steve is single, and had the following items for 2005
Wages----------------------- $40,000
Interest income (taxable) $ 10,000
Loss on theft of securites. (60,000)
This is all the info that I have. I want to check with other people, to see if I got what they get. Thanks.
2006-10-27 11:16:37 · 5 answers · asked by brownskeith 1 in Business & Finance ➔ Taxes ➔ United States
I got 40,000
2006-10-27 11:48:24 · update #1
By NOL, due you mean Net Operating Loss? That term normally applies to businesses, not individuals. An individual can't claim a taxable income of less than zero. I don't know if the theft loss is deductible.
Edit:
highloyo: net losses are only available to carryover because they can't be used in the current year. That is because an individual can't claim a taxable income of less than zero. My answer admitted it was incomplete, but is was not wrong.
2006-10-27 11:49:28 · answer #1 · answered by STEVEN F 7 · 1⤊ 2⤋
Steve, you are wrong, net losses can be carried over.
With the info provided, I get $5,000. Theft is a casualty loss, therefore limited to excess over 10 of income, ie 1st $5000 is not deductible. Therefore income is $50000 loss is $55000 = ($5000).
2006-10-27 12:27:21 · answer #2 · answered by highloyo 2 · 0⤊ 0⤋
I have an NOL of $4900 plus any other itemized deductions. Hoewever, there are other limitations for claiming an NOL.
Use this link to help figure it out. I just don't have the energy to do it.
http://www.irs.gov/publications/p536/ar02.html#d0e293
2006-10-27 17:07:13 · answer #3 · answered by Steve 6 · 0⤊ 0⤋
Neptune Orient Lines Limited SGX: N03, or NOL for short, is a Singapore-based global transport company with core businesses in container shipping and supply chain management. It wholly owns shipping company American President Lines, now known as APL and its sister logistics arm APL Logistics.
[edit] External link
Neptune Orient Lines (includes annual reports and financial information)
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hope this helps
2006-10-27 16:34:32 · answer #4 · answered by Anonymous · 0⤊ 2⤋
You first, browskeith - what did you get? After all, it's YOUR homework.
2006-10-27 11:37:26 · answer #5 · answered by Judy 7 · 2⤊ 0⤋