Another question for the experts:
Sold a small retail business at the beginning of 2023, a schedule C proprietorship.
For the first time in 40 years, I had a CPA file my return in 2023 because of complications related the business sale.
I showed a small loss on the schedule C and CPA also included Form 8995-A which of course, showed no Qualified Business Income Deduction.
Related to that form, and included with the return was a form labeled “Schedule C (Form 8995-A) Loss Netting and Carryforward.”
The amount of the carryforward shows also as loss on Schedule 1, line 3 and is reflected in the Form 1040 so it would appear that the loss serves no further purpose.
I will again show a small loss on a Schedule C for 2024 related to refunds on my behalf given by the new owner and some ‘tidy-up” accounting services.
Question: Can I simply omit the three pages of Form 8995-A from 2024 return since we will again not qualify for Qualified Business Income Deduction, and the Carryforward, since this will be our final Schedule C, will again be redundant, having been included on Schedule 1 and on Form 1040?
Thank you !
