JohnB5677
Expert Alumni

Business & farm

You can if your losses exceed your income.  A net operating loss (NOL) is the amount by which a taxpayer's business losses exceed its income. The NOL deduction cannot exceed 80% of taxable income (determined without any NOL deduction) for losses arising in tax years beginning after 2017. There is no longer a carryback option.

 

Please see this IRS link:  Net Operating Loss

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