[quote=gzz]
The question is, do I lose the ordinary income carryback/carryforward worth $36,000 because my 2017 reported AGI is 0, not -$120,000?
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Yes, you would probably lose most of the NOL if you have cap gains to offset it.
The loss from the S-corp may not be deductible if you don’t have basis. If the loss was with borrowed money, unless it was borrowed from you, the loss may not be deductible. It doesn’t work the same with S-Corps as it does with entities taxable as partnerships.
