A few comments:
- The tax law doesn't allow you to decide which year you want to take a loss.
- The form 8995 is a Qualified Business Income Deduction (QBID) computation. This is not the same thing as an NOL.
- You need to follow the example that the former CPA used as the carry over belongs on form 8995 line 3
- Just because you reflect a loss on line 3 does not mean that you will be utilizing the loss on the current year tax return. These losses will be utilized in the years that the business generates income.
- When entering the information for your business, there is most likely a question related to whether the business has any carry over loss and should then put this on the form 8995 line 3 as was done in the past.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
