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Amy opened a pizza restaurant in 2019 and incurred a net operating loss of $275 for that year. She had no taxable income for 2017
Amy opened a pizza restaurant in 2019 and incurred a net operating loss of $275 for that year. She had no taxable income for 2017 and 2018, and she had the following income and deductions for 2020:
Income: Deductions:
Wages (part-time teacher):$2,275 NOL from 2019:$275
Interest from savings account:$400 Net loss from pizza restaurant for 2020:$7,650
NLTCG on sale of business assets:$3,000 NSTCL on sale of stock:$2,110
Net loss on rental property:$250
Standard deduction:$12,400
What is the amount Amy can deduct for NOL for 2020?
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