For over a decade I was using a CPA to prepare my returns because of a part-time Real Estate business (Sch. C) and Investment properties (Sch. E.) In 2024 I am transitioning to TT Desktop because I have sold my last investment property back in 2022 and ended my Real Estate business at the end of 2023. For the foresable future, I will NOT have a Sch. C or Sch. E to impact my returns.
My CPA would provide Form 8995 (Qualified Business Income Deduction Simplified Computation form) and would track my qualified business loss on an annual basis. The total qualified business (loss) carryforward by Line 16 on Form 8995 in 2023 was $41,778.
Do I need to keep providing form 8995 in 2024 (and beyond) and just keep the value of $41,778 in Line 3 as the carryforward from the previous year?
How will I ever be able to take advantage of this carryforward loss on anything besides another business? Any way to use it to offset a windfall stock capital gains?
