We have an LLC (partnership) running a charter sailboat business in the British Virgin Islands. Because all income is generated outside the US, we believe we are not a Section 199A qualified business. This year our K-1s show a loss greater than our individual income.
- May we claim a net operating loss to carry forward to 2024?
- Does TurboTax calculate that for us and where is it displayed? The only NOL we can find in TT relates to QBI on Form 8995 and the Carryover Wks. However, I can't find anything in Pub 536 limiting NOL to qualified businesses. Am confused.
