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Business & farm
This loss will be carried forward until you have qualified business income that you can offset with the loss. For example, if you decide to open another business that generates income and is eligible for the qualified business income deduction, you can use this carryover loss to reduce your tax. You'd need to track the carry forward using Form 8995, so you should leave the form on your return.
‎February 6, 2025
8:25 AM