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Is Net Operating Loss (NOL) Publication 536 for Single-Member LLC?
I am using TurboTax Home & Business edition. There is a "Net Operating Loss is in the Business" item under Business section. Both the TurboTax help of the app and people in this TurboTax community point to IRS Publication 536 for calculating NOL but that publication is clearly saying that is for Individuals, Estates, and Trusts.
Question 1: How can this publication 536 apply to Single-Member LLC?
Question 2: If I have a loss of $100 reported in my 2020 Schedule C line 31 (Net Profit/Loss), is that mean I can carryforward this $100 loss in my 2021 tax return as NOL?
Thanks!
‎July 22, 2022
7:06 AM