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Idaho Net Operating Loss

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Question
How Do I Calculate Idaho Net Operating Loss?

Answer

A net operating loss (NOL) occurs when the amount of Idaho taxable income, after making modifications discussed later, is less than zero. Idaho allows a deduction to individuals, C corporations, trusts, and estates in computing Idaho taxable income for an Idaho NOL. S corporations and partnerships aren’t allowed an NOL deduction. Instead, any losses pass through to the shareholders and partners.

To compute the NOL, make the following adjustments to Idaho income:

Individuals — Add back any:

● NOL carryovers deducted from previous years

● Federal net capital losses deducted

● Idaho capital gains deduction

Losses reported on Section B of federal Form 4684, such as losses resulting from Ponzi schemes, are considered theft losses, not casualty losses. You must add back those amounts in determining the amount of an Idaho NOL.

Subtract any: Casualty losses on Idaho property included in itemized deductions.

Trusts and estates — Add back any:

● NOL carryovers deducted from previous years

● Federal net capital losses deducted

Corporations — Add back any NOL carryovers deducted from previous years

See Form 56 for further instruction.

 


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Article Details
Views: 1542 Created on: Jun 15, 2013
Date updated: Jan 02, 2019
Posted in: States, Idaho

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