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jfagelman
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Schedule c last year I los t 14,000 does this some how carry over

 
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Phillip1
New Member

Schedule c last year I los t 14,000 does this some how carry over

No, not in most situations.

It depends on whether the business is a passive activity or if the investment in the business was at risk. However, usually losses on schedule C are deducted in the year of the loss (your return from last year). If the loss creates an NOL (net operating loss) you will have the NOL carryover until the loss is fully utilized.

Check line 12 on your 2016 Form 1040. If the 14,000 dollar loss is on line 12, the loss was deducted last year. If the loss is not on line 12, there may likely be passive or at risk loss limitations that are applicable. If the loss was a passive loss, the full loss will be carried forward until there is a passive income in the business or until you dispose of the business. If the loss was not from an at-risk investment, the loss is suspended until there is an at-risk investment in the business.

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