Business & farm

This is interesting. I had the same scenario where I had $3500 carry over business loss from 2023 In year 2024, I had a income of $2000, based on what you wrote, I can't offset this $2000 income from carryover loss since it is still less than $3,500 carry over loss. Is that correct? This is the way Turbo tax is treating as well. So I am still end up paying tax on $2000 income even though I have a carry over loss. It really doesn't make any sense to me. 

 

Am I missing something? I was expecting that it should at least offset my $2000 income with carry over loss and then leave my carry over loss to $1500 for next year.