Hi all, I had $1600 of loss my first year being self employed in a small side business. Can I carry this loss forward? I have a profit this year I'd like to offset.

[alindsay22]

Turbo Tax didn't load this automatically like I expected and I can't find any information.  I am not a trader, this is just some publishing and design work I do on the side.

[VolvoGirl]

What year did you have the loss?  Didn't you get the 1600 loss on Schedule C that year?  You probably already used it.  Check your 1040 and Schedule C.  It would offset your other income.  Or what was the loss  from?

Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.

[Mike9241]

most likely there is no carryover. it would seem that that loss was used to offset other income for the prior year 2020. if line 11 on your 2020 return is positive you've used the loss so there is no carryover.  however you may have a 100A/QBI loss carryover. there should be form 8995 in that return. look at line 16

[leeloo · Accepted solution]

In general. Schedule C losss are not carried forward. Schedule C is considered to be a disregarded entity and does not receive the same tax treatment as other types of businesses. Your loss is counted against your current year income. and your gains are also shown on your 1040 for the current year only.

[alindsay22]

Thank you.  Yes I was thinking of this in the same respect as my rental business.  I see it was counted last year against other gains.  Thank you all!