Yes, QBI losses are very different from NOLs but can stem from the same loss. NOLs offset active income, so anything that makes your AGI more than $0 and is not classified as passive income can be offset. QBI losses can only offset QBI that started with the Tax Cuts and Jobs Act of 2017, so QBI has only existed since tax year 2018. So, your NOLs are used up against your other active income, but now the QBI losses can offset your farm income and then allow you to claim a QBI deduction on the remaining income. As long as you continue to make a profit, once the QBI losses are exhausted, you will continue to claim a QBI deduction until it expires or is rescinded. QBI is set to expire in 2025 as of now.
@farmer875
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