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Other financial discussions
There have been recent tax law changes that affect how you can claim farm losses. Under the new tax law, the old excess farm loss rule does not apply; losses are now subject to "excess business loss" limitations. Excess business losses are carried forward as part of the taxpayer's net operating loss (NOL) instead of claiming the loss on Schedule F.
This is briefly explained in this Turbo Tax article written by one of our Turbo Tax experts.it mentions this at the very last paragraph of the link.
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March 5, 2020
4:48 PM