Question I have a LLC. IN 2021 we had a loss do to ordering parts for customer and paying in advance for parts.
Do to the supply chain the parts were not completed till 2022, at which time we were paid and completed the project. Now in 2022 we will have a larger income. We did have a 8895 form completed for the lost but we would like the full carry forward amount in 2022 taxes year. Did we fill out correct form. I told we are only allowed 20 percent of the carry forward amount. Any help greatly appreciated in advance.
