Yes. You must use the worksheets in IRS Publication 536 - References to nonbusiness means everything that is not associated with your business.
You can also use Schedule A, Form 1045 to calculate your NOL.
If you have not already carried the NOL to an earlier year, your NOL deduction for the carryover year is equal to the sum of:
1. Any unused NOLs from tax years beginning before 2018; plus
2. The lesser of:
- a. The NOL from the tax year beginning after 2017, which includes any part of the NOL attributable to an excess business loss; or
- b. 80% of taxable income for the carryover year determined without regard to the NOL deduction or sections 199A or 250.
If you carried the NOL to an earlier year, your NOL deduction is the carried over NOL minus the NOL amount you used in the earlier year or years. If you carry more than one NOL to the same year, your NOL deduction is the total of these carrybacks and carryovers.
NOL resulting in no taxable income. If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you will generally have an NOL carryover to the next year.
@TxCatLady1
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