You may have a net operating loss (NOL) created this year, but it would only be deductible in carryover years. The NOL is only deductible against net taxable income in a year to which it is carried over. Since you don't have any net income this year, your NOL carryover from the previous year is not allowed to be deducted this year. It will be added to your net operating loss for this year and be carried over to other years as is allowed. You can look on line 12 on schedule K of your form 1120 and you will see the NOL from last year. If you had taxable income on line 28 of form 1120, you would see the allowed portion of last year's NOL listed there. But if there is no taxable income on line 28 then line 29(a), Net Operating Loss deduction, will be $0 for the current year.
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