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Returning Member
posted Oct 20, 2022 12:55:02 PM

carry forward schedule c business loss after business closed

I'd like to carry foward a 2019 schedule c business loss to offset schedule e rental gains on my 2022 taxes.

 

The 2019 schedule c business loss is from a business that I closed in 2019.

 

How do I carry forward this 2019 schedule c business loss to offset my 2022 rental gains?

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2 Replies
Level 15
Oct 20, 2022 2:43:43 PM

See https://www.irs.gov/publications/p536#en_US_2021_publink1000177318

Level 15
Oct 20, 2022 4:33:53 PM

 a schedule C loss might not result in an NOL which is what gets carried forward assuming you made a carryforward election included with your 2019 return. Otherwise, the NOL must be carried back 5 years to 2014. then any unused NOL is carried forward to subsequent years. 

so first use schedule A of form 1045 to see if you have a 2019 NOL.